Ferroglobe crashes on disappointing earnings; Digicel drops as exchange offers extended

By James McCandless

San Antonio, Nov. 27 – Distressed trading on Tuesday was largely negative as names tied to commodities continued to see losses.

Ferroglobe plc’s notes cratered after the company posted a drastic miss in its third-quarter earnings, facing uncertain market conditions.

Elsewhere in metals, AK Steel Holding Corp.’s issues moved lower as iron ore prices saw a similar fall.

Meanwhile, in telecom, Digicel Group Ltd.’s paper declined as the company extended the exchange offers for its 8¼% and 7 1/8% notes.

Sector peer Frontier Communications Corp.’s notes also trended negative.

In energy, Alta Mesa Resources, Inc.’s issues continued to slide after the company released a disappointing earnings report Monday.

Bristow Group Inc.’s paper declined as weakness in the offshore aviation space becomes a growing concern.

A mixed day in oil futures led to a downward day for California Resources Corp.’s and Sanchez Energy Corp.’s notes.

Diebold Nixdorf, Inc.’s issues sank as its equity hit new lows.

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