PG&E better as creditors challenge restructure; McDermott active, level on bankruptcy talk

By James McCandless

San Antonio, Jan. 2 – Light activity marked the first trading day of the new year for the distressed debt space on Thursday.

PG&E Corp.’s notes ended in a better position as a creditor group appeals to a bankruptcy court to vacate the company’s restructuring agreements.

Meanwhile, in oil and gas, McDermott International, Inc.’s issues were active but unchanged amid talk of bankruptcy.

As oil futures gained, Chesapeake Energy Corp.’s and Whiting Petroleum Corp.’s paper rose while Antero Resources Corp.’s notes varied.

Retailer L Brands, Inc.’s issues also saw mixed movements as an activist investor continues to apply pressure to make improvements.

Sector peer Bed Bath & Beyond Inc.’s paper diverged.

Elsewhere, in telecom, Intelsat SA’s and Frontier Communications Corp.’s notes moved in different directions.

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