Rite Aid gains amid tightening sector; PG&E rises as bonuses approved

By James McCandless

San Antonio, April 24 – The distressed space engaged in a broad positive shift in the Wednesday session.

Rite Aid Corp.’s notes were gaining amid a tightening sector and policy changes as it tries to stay afloat.

Despite increased attention, L Brands, Inc.’s issues finished the session level.

In utilities, PG&E Corp.’s paper was on the rise after it received court approval for an employee bonus plan.

Manufacturer Adient plc’s notes saw a boost as a subsidiary talked about pricing a $750 million offering of seven-year senior secured notes to yield in the 7 1/8% area.

Elsewhere, Mallinckrodt plc’s issues were better despite a ratings downgrade.

In oil services, Bristow Group Inc.’s paper was positive again despite the likelihood of a bankruptcy filing next month.

Mixed oil futures led to similar movements for California Resources Corp.’s and Weatherford International plc’s notes while Halcon Resources Corp.’s issues improved.

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