Weatherford drops on bankruptcy filing; Endo lower after ratings downgrade

By James McCandless

San Antonio, July 1 – The distressed space started a new week with a focus on energy and pharmaceutical names.

Weatherford International plc’s notes dropped as the company filed for Chapter 11 bankruptcy after bondholders approved a restructuring plan.

As oil futures ended mixed, Ensco Rowan plc’s issues saw similar movement as Hi-Crush Partners LP’s paper declined and Chaparral Energy, Inc.’s notes rose.

Meanwhile, pharma name Endo International plc’s issues improved despite receiving a ratings downgrade.

Sector peer Teva Pharmaceutical Industries Ltd.’s paper was also moving higher.

Retailer PetSmart, Inc.’s notes shifted upward, continuing to ride high after a ratings agency raised its debt.

Revlon, Inc., another retail name, saw its issues trade mixed as a subsidiary enters into a $30 million credit facility.

Dairy name Dean Foods Co.’s paper fell as the company expanded its borrowing base under a revolving credit facility.

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