Endo up as sector peer settles lawsuit; Bed Bath & Beyond rises as investors push CEO exit

By James McCandless

San Antonio, March 26 – The Wednesday session in the distressed space was awash with news in the pharmaceutical and retail sectors.

Endo International plc’s notes traded higher as a sector peer agreed to settle a lawsuit concerning opioid manufacturer liabilities.

Elsewhere in the space, Teva Pharmaceutical Industries Ltd.’s issues also gained.

Meanwhile, in retail, Bed Bath & Beyond, Inc.’s paper shot up after activist investors called for the replacement of the company’s chief executive officer and board of directors.

Sector peer PetSmart Inc.’s and Neiman Marcus Group Inc.’s notes dropped as the companies work with creditors to amend their respective agreements.

In oil and gas, Weatherford International plc’s issues ended mixed after announcing the completion of a sale of land drilling rigs.

California Resources Corp.’s and Halcon Resources Corp.’s paper followed the upward trend set by oil futures as Alta Mesa Resources, Inc.’s notes fell.

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