Mallinckrodt notes move lower as market reacts to spinoff news; Neiman Marcus down

By James McCandless

San Antonio, Dec. 7 – At the end of the week, the distressed-debt market saw mixed trading, varying from sector to sector.

Mallinckrodt plc’s notes continued to move lower after the company announced a spinoff of its generic medications segment on Thursday.

Elsewhere in the pharmaceutical space, Teva Pharmaceutical Industries Ltd.’s issues improved.

In retail, Neiman Marcus Group Inc.’s paper fell after the company reported a loss for the first quarter.

Meanwhile, J.C. Penney Co., Inc.’s notes gained.

In the energy sector, Sanchez Energy Corp.’s notes saw a slight recovery as the market continues to react to its news of starting a strategic alternatives review.

A rise in oil futures spurred positivity for California Resources Corp., Denbury Resources Inc. and EP Energy Corp.’s issues.

After days of declines, Ferrellgas Partners LP’s paper took a positive turn.

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