Valeant Pharmaceuticals up big on two asset sales; Avaya continues fall; Neiman Marcus up

By Colin Hanner

Chicago, Jan. 10 – A series of asset sales for one of the distressed market’s most notable names stole the bulk of attention on Tuesday, as activity raged throughout the morning session and lasted until the closing bell.

Valeant Pharmaceuticals International, Inc. announced two separate asset sales late Monday and early Tuesday that totaled $2.1 billion, a dent in the company’s $30 billion debt load.

“There was tons of trades in all the bonds” for Valeant, a trader said.

Though it had been trending lower in previous sessions, Avaya Inc. saw increases in several of its distressed securities on the session, traders said. The news comes on the heels of the company calling for new terms of debtor-in-possession financing, according to a trader.

Retailer Neiman Marcus Group, Inc. saw an uptick in activity, a market source said, and seemed to reel in from previous sessions that felt the effects of retailers announcing disappointing holiday earnings.

Bonanza Creek Energy, Inc. pared some gains from the last few momentous sessions, mirroring the about-face its equity made on the session.

Several other one-off names in the exploration and production sector traded up as oil futures declined for the second-consecutive session.

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