PG&E mixed after DIP financing secured; CBL drops, company settles class action suit

By James McCandless

San Antonio, March 27 – The middle of the week for the distressed space saw more focus on news-driven names.

PG&E Corp.’s notes were mixed after the company won access to debtor-in-possession financing in bankruptcy court.

Elsewhere, CBL & Associates Properties, Inc.’s issues dropped after the company settled a class action lawsuit and suspended its dividend.

In retail, J.C. Penney Co., Inc.’s paper was declining a day after the company announced that it has hired a new chief financial officer.

Sector peer Bed Bath & Beyond, Inc.’s notes continued to move higher while Neiman Marcus Group, Inc.’s issues fell.

Lower oil futures were the backdrop for EP Energy Corp.’s issues to trade similarly while California Resources Corp.’s and Halcon Resources Corp.’s paper improved.

Meanwhile, Intelsat SA’s notes trailed in the telecom space.

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