FirstEnergy notes up after deactivation notice; American Tire continues slide

By James McCandless

San Antonio, April 25 – Traders reported increased activity in the distressed debt market on Wednesday amid earnings reports and other news-driven issues.

FirstEnergy Solutions notes gained again after the company announced that it has formally notified the government of its intention to deactivate three at-risk plants.

American Tire Distributor issues slid again after Tuesday’s announcement that its relationship with Goodyear had ended.

Sears Holdings Corp. paper traded down off Monday’s news that chief executive officer Eddie Lampert offered to purchase certain assets that have been on the market for two years.

Intelsat SA notes were up. Recently a subsidiary was chosen to contribute to a government project. Frontier Communications Corp. issues were mixed as the search for buyers for certain assets continues. Revlon, Inc. paper traded down elsewhere in the retail space.

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