Rite Aid declines as sector peer disappoints; Altice gains after asset sale closes

By James McCandless

San Antonio, April 2 – The distressed debt space saw a refocus on retailers and telecom names in Tuesday’s activity.

Rite Aid Corp.’s notes were in decline as the company faces a whistleblower lawsuit and industry pressures after a competitor reported disappointing earnings.

Elsewhere in retail, PetSmart Inc.’s issues moved higher as the company continues negotiations with creditors over a potential loan amendment.

Meanwhile, in telecom, Altice SA’s paper gained after it finalized the sale of its stake in a French fiber optics business.

Sector peer Frontier Communications Corp.’s notes closed the session mixed.

In utilities, PG&E Corp.’s issues fell as new probation terms are imposed on the company in the hopes of reducing future wildfire risk.

Chemicals name Hexion Inc.’s paper dropped a day after the company filed for Chapter 11 bankruptcy.

Energy name California Resources Corp.’s notes followed oil futures upward while Weatherford International plc’s issues ended mixed and Alta Mesa Resources, Inc.’s paper went negative.

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