PG&E notes gain on plan support; Occidental Petroleum bonds rise as OPEC strikes deal

By James McCandless

San Antonio, April 9 – With most distressed debt trading petering out after lunch on an early close, the holiday shortened week ended with a focus on utilities and energy names.

PG&E Corp.’s notes gained after the company received statements of support for its settlements and reorganization plan from wildfire victims.

The 6.05% senior notes due 2034 popped up 7½ points to close at 107½ bid.

The San Francisco-based bankrupt electric utility said that it has received statements of continued support for its settlement agreement with wildfire victims and plan of reorganization, Prospect News reported.

The company said the plan treats all victims fairly, protects customers and will enable it to emerge from Chapter 11 as a financially sound utility positioned to pay victims as soon as possible and support California for the long term.

Meanwhile, Occidental Petroleum Corp.’s issues improved as OPEC struck a deal to curb oil production.

The 2.9% senior notes due 2024 jumped up 12½ points to close at 82½ bid. The 2.7% senior notes due 2022 rose 7 points to close at 88½ bid.

The Houston-based independent oil and gas producer’s structure was a rare gainer in the sector after news broke that OPEC struck a deal to reduce oil production.

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