Valeant sees big gains after debt reduction; Hertz down on earnings miss; Intelsat lower

By Colin Hanner

Chicago, May 9 – Earnings provided a jumpstart in the distressed debt market on Tuesday, market sources said, with Valeant Pharmaceuticals International, Inc. leading the space with surging gains after the company released its first quarter figures.

Swinging in the opposite direction, Hertz Global Holdings, Inc. missed projections and was down on the day.

With a several-point downswing as well, Intelsat SA’s subsidiaries reacted to the looming exchange offer deadline, which will take offers until midnight ET on Wednesday.

Community Health Systems Inc. announced a $700 million add-on early Tuesday, though that did little to move one of its distressed notes, which was unchanged on the day.

Frontier Communications Corp. was lower following its earnings last week, and GenOn Energy Corp. continued inching higher on an earnings-driven session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.