Neiman Marcus notes rise amid continuing creditor spat; Weatherford issues rise after rig sale

By James McCandless

San Antonio, Dec. 3 – At the start of the week in distressed trading, volume was moderate ahead of the Wednesday market closure due to the national day of mourning for President George H.W. Bush.

Neiman Marcus Group Inc.’s notes were gaining amid a tussle with the company’s creditors over a restructuring agreement.

Elsewhere in the sector, L Brands, Inc.’s and PetSmart, Inc.’s issues were also positive.

In energy, Weatherford International plc’s paper improved after news broke that it completed the $92.5 million sale of 11 oil rigs in Saudi Arabia.

On a positive day for oil futures, California Resources Corp.’s and Denbury Resources Inc.’s notes were mixed while Sanchez Energy Corp.’s issues fell.

Away from oil, Ferrellgas Partners, LP’s paper was also mixed amid continuing market scrutiny.

Hexion Inc.’s notes saw a boost.

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