Cloud Peak notes mixed after ratings downgrade; PG&E issues lower

By James McCandless

San Antonio, Jan. 31 – After weeks of volume concentrated in a few sectors, the distressed space continued a more recent trend of being pulled in multiple directions.

Cloud Peak Energy Inc.’s notes were mixed after news of its hiring of restructuring advisers led to a ratings downgrade.

International peer Samarco Mineracao SA’s issues continued to shift higher after crashing on the back of negative news.

Meanwhile, PG&E Corp.’s paper declined as the company focuses on legal developments in the days after filing for bankruptcy.

Mixed activity in oil futures served as the backdrop for gains in Weatherford International plc’s notes, mixed results for California Resources Corp.’s issues and declines in Navios Maritime Acquisition Corp.’s paper.

In retail, Neiman Marcus Group, Inc.’s notes were mixed on increased attention.

Telecom company Wind Tre SPA’s issues were on the rise while Frontier Communications Corp.’s paper was mixed.

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