Cloud Peak drops on potential bankruptcy; Intelsat moves lower under increasing scrutiny

By James McCandless

San Antonio, March 18 – Shifting ground in the energy and telecom sectors drove Monday activity in the distressed space.

Cloud Peak Energy Inc.’s notes dropped as the company warned of a potential bankruptcy filing after skipping an interest payment.

In telecom, Intelsat SA’s issues moved lower as scrutiny increases over the potential regulatory framework surrounding the C-band spectrum.

Frontier Communications Corp.’s paper closed Monday mixed.

In energy, Bristow Group Inc.’s notes rose after receiving default waivers from two creditors on Monday.

PHI, Inc.’s issues saw a slight recovery after filing for bankruptcy on Friday.

California Resources Corp.’s paper was mixed, Halcon Resources Corp.’s notes improved and EP Energy Corp.’s issues were dragged down as oil futures pushed up.

Finance name Deutsche Bank AG’s paper was better after the company confirmed that it was engaging in merger talks with another bank.

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