PG&E notes rise after restructure approval; American Airlines up in travel space

By James McCandless

San Antonio, June 22 – As the new week kicked off, the distressed market was focused on the utilities and travel sectors.

PG&E Corp.’s notes were on the rise after receiving court approval for its restructuring plan late last week.

Meanwhile, in the travel space, American Airlines Group Inc.’s issues improved as the company plans to issue billions more in financing.

Sector peer United Airlines Holdings, Inc.’s paper trailed off.

In oil and gas, SM Energy Co.’s notes varied in direction after receiving a ratings downgrade during the session.

Improvements for oil futures served as the backdrop for Occidental Petroleum Corp.’s and Antero Resources Corp.’s varied movement as Whiting Petroleum Corp.’s paper dipped.

Elsewhere, auto parts name Tenneco Inc.’s notes were under pressure after receiving its own ratings cut.

Car rental company Hertz Global Holdings, Inc.’s issues had mixed results following a tumultuous week regarding a proposed common stock offering.

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