PG&E crashes on bankruptcy news; Ensco mixed as company seeks to alter Rowan deal

By James McCandless

San Antonio, Jan. 14 – A new week in the distressed space saw most of the popular names boxed out by PG&E.

PG&E Corp.’s notes saw multi-point drops after the company announced that it would file for Chapter 11 bankruptcy.

The news was also a drag on Topaz Solar Farms LLC’s issues. The company relies on PG&E as its sole customer.

Meanwhile, in oil and gas Ensco plc’s and Rowan Cos. plc’s paper was mixed after Ensco submitted a new exchange rate proposal for its acquisition of Rowan.

Another decline in oil futures led to mixed trading for California Resources Corp.’s notes while Bristow Group Inc.’s issues saw a boost.

Ultra Petroleum Corp.’s paper was trending lower after a stretch of inactivity.

Elsewhere, Teva Pharmaceutical Industries Ltd.’s notes were lower as Mallinckrodt plc’s issues held firm.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.