PG&E notes lower as company secures financing; Adient issues rise despite downgrade

By James McCandless

San Antonio, Jan. 22 – The start of a short week in the distressed space saw broad weakness across the market.

PG&E Corp.’s notes were lower Tuesday after the company secured $5.5 billion in two-year debtor-in-possession financing.

Auto parts manufacturer Adient Global Holdings Ltd.’s issues were on the rise despite a late-in-the-day ratings agency downgrade.

In oil and gas, Hornbeck Offshore Services, Inc.’s paper was rising after amending the terms of its exchange offer for its senior notes.

Meanwhile, declines in oil futures were the backdrop for mixed results for Ultra Petroleum Corp.’s and Ensco plc’s notes.

Offshore transporter PHI, Inc.’s issues were rising after days of volatility as the market increases its scrutiny over a coming maturity date.

Sector peer Bristow Group, Inc.’s paper moved down.

Retailers Neiman Marcus Group, Inc.’s notes gained while J.C. Penney Co., Inc.’s issues fell.

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