J. Crew notes spike on talks of restructuring; Peabody ticks higher; Syniverse up

By Colin Hanner

Chicago, Dec. 9 – Friday’s session capped off a week of teetering distressed energy bonds, mixed movement in the healthcare space and a continuing rally in the coal space, though much of the focus was shifted toward a reported restructuring in the retail sector.

J. Crew Group Inc. is in talks to file for a debt restructuring agreement with its creditors to cut its $2 billion debt, according to a report from Reuters. Its distressed notes made double-digit increases after the news was released.

Continuing to inch higher was Peabody Energy Corp., which pushed higher on Friday after a motion was filed seeking a committee of equity holders in the coal company’s bankruptcy case.

“There’s more strategy coming out with a plan. Equity guys are looking to form an equity committee, arguing the value would be good for us, as well as equities,” a market source said.

Oil continued to trek upward a day before non-members are set to meet with the Organization of Petroleum Exporting Countries to discuss supply cuts.

Though distressed oil bonds traded on Friday, many remained unchanged, like California Resources Corp. and Denbury Resource Corp.

Intelsat SA, riding a wave of increases throughout the week on the back of an exchange deal reached on Monday, cooled heading into the weekend, though traded throughout the session.

Seeing similar movement to J. Crew was telecommunications company Syniverse Holdings Inc., which also saw double-digit upticks off the news of a private exchange offer.

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