J.C. Penney drops following CFO departure; FirstEnergy Solutions gains on bankruptcy deal

By Abigail W. Adams

Portland, Me., Sept. 28 – The distressed debt space rounded out a retail heavy trading week with a retail name in focus.

Attention turned to J.C. Penney Co., Inc.’s bonds during Friday’s session with the notes active and trading down 3 to 5 points after the departure of the company’s chief financial officer.

Sears Holdings Corp.’s soon-to-mature bonds recouped some of their losses from earlier in the week as investors continued to digest a debt restructuring proposal unveiled on Monday.

Meanwhile, Friday marked another strong day for oil and gas with oil futures again shooting up over $1.

As oil futures rose, so too did California Resources Corp.’s 8% senior secured second-lien notes due December 2022.

FirstEnergy Solutions Corp.’s 6.05% notes due 2021 were also on the rise in active trading on Friday with the notes climbing as much as 5 points after court approval of the company’s bankruptcy deal.

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