| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hertz Global Holdings Inc. > News item |
Chesapeake Energy eyed as company mulls bankruptcy; Hertz notes mixed in rental space
By James McCandless
San Antonio, April 30 – The energy sector was squarely the focus of the distressed debt space on Thursday amid improving oil futures and earnings reports.
Chesapeake Energy Corp.’s notes varied amid reports that the company is considering filing for bankruptcy.
The 5 3/8% senior notes due 2021 lost ¾ point to close at 3½ bid. The 11½% notes due 2025 added ¼ point to close at 3 bid.
The two tranches combined saw about $53 million trading.
Late Wednesday, news broke that the Oklahoma City-based independent oil and gas producer is considering filing for Chapter 11 bankruptcy.
The company is talking with creditors in order to secure bankruptcy financing of up to $1 billion.
“Every distressed oil company will have to restructure in some way,” a trader said. “Chesapeake is the latest.”
Meanwhile, Hertz Global Holdings, Inc.’s issues saw mixed activity a day after disclosing that it would forego recent lease payments.
The 6¼% senior notes due 2022 crashed 13 points to close at 20½ bid. The 5½% senior notes due 2024 tacked on ¾ point to close at 21¾ bid.
The Estero, Fla.-based car rental has been engaged in talks with creditors to stave off a bankruptcy filing.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.