Rite Aid notes gain despite delisting warning; California Resources issues lead oil rally

By James McCandless

San Antonio, Jan. 4 – The end of the week in the distressed space saw a rally largely pinned to oil gains.

Rite Aid Corp.’s notes ended higher despite the company having received a delisting warning from the New York Stock Exchange on Friday.

Sector peers Neiman Marcus Group, Inc. and Revlon, Inc.’s issues also improved.

In oil and gas, California Resources Corp.’s paper spiked after oil futures ended the session higher again.

The rally also boosted Whiting Petroleum Corp., Rowan Cos. plc and Bristow Group Inc.’s notes.

In the pharmaceutical space, Bausch Health Cos.’s issues were higher as the company gained the ability to bid on a bankrupt company’s assets.

Teva Pharmaceutical Industries Inc.’s paper was also improving.

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