Community Health notes continue to be active; iHeart mixed after forgoing interest

By James McCandless

San Antonio, March 1 – The distressed debt market experienced another day of lower volume, traders reported, with some exceptions from news-driven names.

Community Health Systems, Inc. notes were some of the most traded of the session after Tuesday’s Q4 report in which chief executive officer Wayne Smith made comments about potential hospital closures.

iHeartMedia, Inc. issues were mixed after the company announced that it will forgo paying interest on two tranches.

Another name that reported on Tuesday was Frontier Communications Corp., which also announced the suspension of its quarterly dividend, leading its paper to another day of high volume.

Intlesat SA, bolstered by recent positive comments about the country’s 5G network, also took up telecom space. Another slight decline in oil futures led to activity for Ensco plc and EP Energy Corp. Mallinckrodt plc added to volume in the healthcare sector.

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