Chesapeake Energy declines on layoff news; Bombardier boosted on Quebec leader’s comments

By Stephanie N. Rotondo

Phoenix, Sept. 29 – The distressed debt market continued to wane Tuesday and “everybody is selling everything,” a trader said.

Chesapeake Energy Corp. was notable on the day, as the company announced a round of layoffs. The move – expected to impact 15% of the company’s workforce – comes as the company and its peers have struggled amid a low oil price environment.

“Any of these commodity and mining guys are just getting clobbered,” a trader said.

In that vein, First Quantum Minerals Ltd.’s 7% notes due 2021 fell a deuce to 65¼.

“You don’t see them much lately,” a trader said.

Meanwhile, Bombardier Inc. improved after the provincial government of Quebec said it would provide financial assistance to the airplane manufacturer should that be necessary.

A trader said SunEdison Inc. was on the busier side in Tuesday trading, with “six different issues” hitting the tape.

The most active of the convertible notes was the 2.625% paper due in 2023 – an issue priced in May and slated to receive its first coupon payment in December.

© 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.