PetSmart notes gain as company spins off part of online business; Community Health dips

By James McCandless

San Antonio, June 5 – Traders reported a quiet day in the distressed debt market on Tuesday with few catalysts driving activity.

PetSmart, Inc. notes gained again as the company transfers a third of its stake in online segment to its private equity owner.

Community Health Systems, Inc. issues were down a day after a subsidiary extended an early payout deadline for a note exchange once again.

Murray Energy Corp. paper rose again a day after the company announced an agreement has been reached with a portion of its noteholders and lenders on debt restructuring.

Intelsat SA notes gained. The company recently released a disappointing Q1 report. Frontier Communications Corp. traded up. A recent failed auction for the company’s Florida assets has impeded the company’s efforts to reduce debt. Bristow Group Inc. paper declined.

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