Bonds are traded Insitutionally and by those who do more in-depth research because cash flows pay the coupon.  Co is not buying back bonds yet to my knowledge but certainly will.  Follow the bonds if you want to know where the stock will go, not just for S, but for every co who has HY/Distressed bonds o/s.   

I suspect the advice to "Follow the bonds" still holds true. 

Sorry to see you go.
Please close the door on your way out!