Hexion mixed as term loan prepped; Legacy Reserves down on bankruptcy talk

By James McCandless

San Antonio, June 11 – The distressed market was again focused on names with news surrounding them on Tuesday.

Hexion, Inc.’s notes saw mixed results as the company talks a new $600 million seven-year term loan.

In energy, Legacy Reserves Inc.’s issues, already trading at low levels, sunk further after the company announced plans to file for bankruptcy.

Elsewhere in the sector, Covey Park Energy LLC’s paper continued to lose a day after news broke of a $2.2 billion buyout.

An unchanged day for oil futures was reflected in Denbury Resources Inc.’s notes as California Resources Corp.’s issues slipped.

In the pharma space, Teva Pharmaceutical Industries Ltd.’s and Mallinckrodt plc’s paper were higher as a sector peer filed for bankruptcy.

Meanwhile, in telecom, Frontier Communications Corp.’s paper was moving lower as West Corp.’s notes gained.

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