PG&E dips as further mediation ordered; Endo notes gain amid executive appointments

By James McCandless

San Antonio, Feb. 19 – Wednesday’s session in the distressed debt space saw heightened attention paid to utilities and pharma names.

PG&E Corp.’s notes dipped after the company was ordered by a bankruptcy court to participate in further Chapter 11 plan mediation.

The 6.05% notes due 2034 lost 1¾ points to close at 113¼ bid.

In a bankruptcy court filing on Tuesday, the San Francisco-based bankrupt electric utility was ordered to participate in further Chapter 11 plan mediation, Prospect News reported.

The mediation would tackle a dispute over $2.7 billion in claims filed by the California Governor’s Office of Emergency Services, an objection filed by the TCC to $3.9 billion in claims filed by the Department of Homeland Security/Federal Emergency Management Agency and a dispute related to an extension of the claims filing deadline for some creditors.

Pharma name Endo International plc’s issues gained as the company named a new chief executive officer late in the day.

The 6% senior notes due 2025 picked up 1 point to close at 77 bid. The 6% senior notes due 2023 gained 1¼ points to close at 82 bid.

The Dublin-based generic drug producer’s structure saw heightened activity in the run-up to the after-market announcement that it has named Blaise Coleman as its new president and CEO.

© 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.