Toys ‘R’ Us to shutter all U.S. stores; iHeart gets another one-day forbearance extension

By James McCandless

San Antonio, March 14 – Distressed debt market activity remained muted Wednesday, traders said, while various pockets remained in high volume over recent news.

After failing to find a buyer for its U.S. business, Toys “R” Us, Inc. made an after-market announcement that it would be closing all of its stores.

iHeart Media, Inc. issues were trading once again after obtaining yet another one-day extension of its forbearance agreement for failure to pay interest on some notes.

Community Health Systems, Inc. paper took up much of the volume in the healthcare sector as it receives a ratings downgrade, coming after Tuesday’s reports that it had enlisted asset management firm Lazard to assist with its debt problems.

Frontier Communications Corp. and Intelsat SA remained at the top of the distressed telecom space. Mallinckrodt plc added to the volume in distressed healthcare. California Resources Corp. and Northern Oil and Gas, Inc. made up much of the energy sector’s volume.

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