PG&E notes mixed as company misses payment; PHI issues lower as maturity draws near

By James McCandless

San Antonio, Jan. 15 – Distressed debt trading continued its focus on PG&E on Tuesday.

PG&E Corp.’s notes were mixed a day after the company announced that it would file for Chapter 11 bankruptcy and missed an interest payment on a 2040 tranche of senior notes.

In the oil and gas space, PHI, Inc.’s issues moved lower as the market remains aware of the March maturity date of its senior notes.

Despite the upturn in oil futures, California Resources Corp’s., Weatherford International plc’s and Hornbeck Offshore Services, Inc.’s paper ended mixed.

Meanwhile, in telecom, Digicel Group Ltd.’s issues were negative amid a pair of ratings changes.

Sector peer Frontier Communications Corp.’s paper was mixed.

Retailer J.C. Penney Co, Inc.’s notes improved as the company’s executive search continues.

Xerox Corp.’s issues were trading up.

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