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McDermott improves; Bristow falls amid strategic alternatives review; Adient up
By James McCandless
San Antonio, April 16 – Oil-related names continued to take up a sizeable portion of distressed trading on Tuesday.
McDermott International, Inc.’s notes were moving higher after announcing a financially troubled project is ready for commissioning.
Elsewhere in oil services, Bristow Group Inc.’s issues fell after announcing a strategic alternatives review.
A gain in oil futures saw Ensco Rowan plc’s and Weatherford International plc’s paper follow suit while Halcon Resources Corp.’s notes were active but level.
In manufacturing, Adient plc’s notes improved a day after starting $1.5 billion in new debt financing.
Meanwhile, Dean Foods Co.’s paper continued to sink amid market speculation of a buyout.
Telecom names DISH Network Corp.’s notes were down while Frontier Communications Corp.’s issues were pushed upward.
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