Distressed market gains ground, rallying with stocks; energy boosted by rising oil prices

By Stephanie N. Rotondo

Phoenix, Nov. 21 – After being on a losing streak for most of the week, the distressed debt market had a firmer tone in Friday trading.

“It was a nice market turnaround,” a trader said. “Everything is rosy today.”

“The market in general rallied some,” another trader remarked. “Stocks were up a lot, it rallied with that.”

iHeart Communications Inc. paper was “up a bunch,” according to one trader.

Caesars Entertainment Corp.’s notes were also gaining strength, rising a point.

Even energy and related names were improving, as oil prices also climbed into higher territory.

Brent crude oil improved $1.08, or 1.36%, to $80.41, while West Texas Intermediate crude increased 72 cents to $76.57.

Paragon Offshore plc’s notes gained over 2 points, ending at 64˝.

Quicksilver Resources Inc., however, was mixed.

Forbes Energy Services Ltd. was one of the day’s few losers, dropping “a lot, just like energy would be,” a trader said.

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