California Resources improves ahead of earnings; Intelsat up as subsidiary sells notes

By James McCandless

San Antonio, Aug. 2 – Volume in the distressed debt market continued to focus on companies releasing earnings reports in Thursday’s session.

California Resources Corp.’s notes rose ahead of the release of a better than expected earnings report after the market close.

Intelsat SA’s issues moved up as a subsidiary of the company brought a $1.25 billion offering of senior notes to market.

Bristow Group Inc. paper traded up ahead of earnings which missed analyst estimates.

Frontier Communications Corp.’s notes were mixed. The company released its Q2 earnings report on Thursday.

Paper from Diebold Nixdorf, Inc. dropped again in the wake of a worse than expected Q2 earnings report.

American Tire Distributors’ bonds rose as the company worked to garner new business through its reorganization strategy.

Notes from Los Angeles-based independent oil and gas producer California Resources improved, traders said, as the company posted its Q2 earnings report after the market close Thursday. The company reported a 29 cents per share loss, beating analyst expectations of a 43 cents per share loss.”

“This shows that they’re on the right track,” a trader said.

In trading, the company’s 8% notes due 2022 rose ½ point to close at 90 bid.

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