GTT Communications notes improve as interim CEO named; PG&E eyed post-bankruptcy

By James McCandless

San Antonio, July 6 – Distressed debt trading focused on newsmakers in telecom and utilities spaces on Monday.

GTT Communications, Inc.’s notes improved after the company announced the appointment of an interim chief executive officer.

The 7 7/8% senior notes due 2024 picked up ¾ point to close at 53½ bid.

Early Monday, the McLean, Va.-based cloud networking company announced that it had named chief revenue officer Ernie Ortega as interim CEO while the company conducts a search for a permanent replacement.

The company announced the departure of Richard Calder, the previous CEO, in late May.

In its most recent earnings report shown in May, GTT reported a loss per share of 79 cents, wider than the 26 cents per share loss that analysts had estimated.

Revenues were just shy of predictions at $424.7 million.

Meanwhile, utilities provider PG&E Corp.’s paper varied in direction in the aftermath of its bankruptcy exit.

The 2.1% notes due 2027 held level at 99¾ bid. The 2.5% notes due 2031 tacked on ¼ point to close at 99½ bid.

The San Francisco-based electric utility emerged from its prolonged bankruptcy process last Wednesday, completing its restructuring process and implementing the plan of reorganization with the green light from its bankruptcy judge.

© 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.