PG&E notes recover with broad market; PHI issues improve despite ratings downgrade

By James McCandless

San Antonio, Jan. 9 – As the overall market continued a rally Wednesday, most of the distressed space followed.

PG&E Corp.’s notes bounced back from Tuesday declines caused by ratings downgrades and speculation of a bankruptcy filing.

In energy, PHI, Inc.’s issues moved higher despite a ratings downgrade.

Elsewhere in the space, another jump in oil futures led to gains in California Resources Corp. and Weatherford International plc’s paper while Sanchez Energy Corp.’s notes fell.

Meanwhile, retailer J.C. Penney Co., Inc.’s issues were mixed a day after the company reported a decline in holiday sales.

Sector peers Neiman Marcus Group, Inc. and L Brands, Inc.’s paper rose.

ATM maker Diebold Nixdorf Inc.’s issues rose on increased attention after a positive analyst report.

© 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.