California Resources issues mixed as oil futures tumble; PetSmart declines

By James McCandless

San Antonio, May 29 – Traders in the distressed debt market reported a slow day Tuesday as the short week got under way.

California Resources Corp. notes were mixed after major oil producing countries signaled their preference for lifting output caps.

PetSmart Inc. issues traded down a week after the company announced the appointment of a new CEO.

Bristow Group Inc. paper fell as the market continued to react to a disappointing Q4 report released last week.

Intelsat SA notes declined. Recently, the company released a lackluster Q1 report. Elsewhere in telecom, Frontier Communications Corp. issues were down. The company is managing the fallout from a recent failed auction. Mallinckrodt plc paper traded up.

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