Valaris higher after contract, arbitration news; L Brands loses despite upgrade

By James McCandless

San Antonio, Jan. 3 – The Friday session in the distressed market was largely driven by the energy sector, where fresh turmoil spurred activity.

Valaris plc’s notes were tracking higher after this week’s announcement of new contracts and a multimillion-dollar arbitration payment.

As oil futures spiked on new conflict in the Middle East, California Resources Corp.’s, Whiting Petroleum Corp.’s and Chesapeake Energy Corp.’s issues followed suit.

Meanwhile, in retail, L Brands, Inc.’s paper lost ground despite receiving an analyst upgrade from Bank of America.

Sector peer Rite Aid Corp.’s notes were active but unchanged.

Utilities name PG&E Corp.’s issues were also flat, though continued to be active amid ongoing disputes with its creditors.

In the manufacturing space, United States Steel Corp.’s paper was under pressure.

Satellite operator Intelsat SA’s notes saw varied movements in the telecom sector.

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