McDermott better on asset sale talk; PG&E paper rises amid dueling reorganization plans

By James McCandless

San Antonio, Sept. 20 – Wrapping up the week, the distressed market continued to focus on the newsmakers of recent days.

McDermott International, Inc.’s notes fared better after the company announced a potential asset sale and hired another restructuring adviser.

Sector peer California Resources Corp.’s issues varied in direction as the company quelled rumors of a restructure.

A negative day for oil futures was reflected in Valaris plc’s paper while Whiting Petroleum Corp.’s notes diverged.

Elsewhere, PG&E Corp.’s issues were on the rise after a group of creditors and wildfire victims said it has its own reorganization plan for the name.

Telecom name Frontier Communications Corp.’s paper shifted lower as the company prepares to present a restructuring plan to creditors.

Pharma names Teva Pharmaceutical Industries Ltd. and Endo International plc finished weaker.

Meanwhile, dairy producer Dean Foods Co.’s issues went negative.

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