PG&E notes recover some recent losses; Adient issues fall on preliminary Q1 results

By James McCandless

San Antonio, Jan. 16 – Wednesday’s session saw the distressed space start to slowly release its grip on PG&E.

PG&E Corp.’s notes improved in trading, partially recovering after days of losses culminating in the company announcing an upcoming Chapter 11 bankruptcy filing.

Elsewhere, Adient plc’s issues dropped after the company showed mixed results in its preliminary Q1 earnings report.

In the energy space, PHI, Inc.’s paper continued to trend negative.

A topsy-turvy day for oil futures led to similar movement for distressed oil names. California Resources Corp.’s notes were mixed, Hornbeck Offshore Services, Inc.’s issues gained and Denbury Resources Inc.’s paper improved.

The retail sector’s J.C. Penney Co., Inc. and Neiman Marcus Group, Inc.’s notes were both declining. Sector peer L Brands, Inc.’s issues were mixed.

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