Hexion notes remain active on rumors of split-up; CalRes issues trade on venture news

By James McCandless

San Antonio, Feb. 12 – The distressed debt market opened the week positively, but in low volume Monday, as traders described the landscape as jittery after last week’s volatile equity markets.

Hexion, Inc. notes saw more high volume trading after rumors surfaced claiming that sponsor Apollo Global Management is considering selling off portions of the company.

Though it was a quieter day for oil futures, California Resources Corp. issues continued last week’s activity levels after news that it would enter into a $750 million midstream joint venture with investment firm Ares Management.

Revlon, Inc. paper was in high demand in the retail space. The company recently announced the departure of its chief executive officer after a run of revenue losses.

Distressed telecom fixtures Frontier Communications Corp. and Intelsat SA saw an usual level of high volume. Community Health Systems, Inc. dominated the healthcare space.

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