McDermott notes in focus on new contract; PG&E gains continue; energy names lifted

By Abigail W. Adams

Portland, Me., July 10 – Several names in the distressed debt space were posting gains on Wednesday with crude oil futures lifting the energy sector and investors responding favorably to company news.

McDermott International, Inc.’s 10 5/8% senior notes due 2024 jumped in high-volume activity on Wednesday after the company announced it had been awarded a substantial contract.

Pacific Gas & Electric Co.’s 6.05% senior notes due 2034 continued their upward momentum on Wednesday as legislation in California establishing a wildfire fund nears adoption.

Several names in the energy space were on the rise on Wednesday as crude oil futures hit their highest level in seven weeks.

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