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PG&E lower in reorganization dispute; McDermott notes decline amid ratings downgrade
By James McCandless
San Antonio, Sept. 23 – The distressed debt space kicked off a new week with much of the attention on energy names.
PG&E Corp.’s notes moved lower as a dispute between the company and its creditors over its restructuring intensified.
The 6.05% notes due 2034 fell ½ point to close at 111¾ bid.
On Monday, the San Francisco-based bankrupt electric utility announced that it had formalized its $11 billion subrogation settlement with insurance companies.
The settlement was reached in principle earlier in the month.
Oil and gas name McDermott International, Inc.’s issues went negative as the company received a ratings downgrade.
The 10 5/8% senior notes due 2024 shaved off ½ point to close at 28 bid.
The notes saw about $36 million on the tape by the end of the day.
S&P Global Ratings lowered the Houston-based oil and gas engineering company’s rating to CCC from B-.
The agency also lowered its term loan and unsecured debt rating, citing an increased risk of a distressed exchange.
In telecom, Frontier Communications Corp.’s notes traded in varied directions as the market anticipates a restructuring proposal from the company.
The 10½% senior notes due 2022 lost ½ point to close at 47¾ bid. The 11% senior notes due 2025 ended level at 47½ bid.
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