Hexion drops after board member resigns; Bristow crashes on earnings, nixed deal

By James McCandless

San Antonio, Feb. 11 – The distressed space opened a new week on a downbeat tone with negative news across the spectrum.

Hexion Inc.’s notes saw a substantial drop after news broke that Scott Kleinman, co-president of the investment firm that owns the name, had resigned from its board of directors.

Elsewhere, Bristow Group Inc.’s issues crashed in after-hours trading following news of an earnings loss and the cancellation of its acquisition of Columbia Helicopters.

Showing more weakness in the space, sector peer PHI, Inc.’s paper was also negative.

Meanwhile, Range Resources Corp.’s notes were active but steady after reporting positive natural gas reserves for 2018.

Weaker oil futures were the backdrop for improvements in Rowan Cos. plc’s and Weatherford International plc’s issues while Ensco plc’s paper went negative.

In utilities, PG&E Corp.’s notes were better amid news that only half of its board of directors would remain following a May shareholders meeting.

Retailer L Brands, Inc.’s issues were mixed in anticipation of January sales figures.

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