Distressed volume picks up a little; energy better as oil jumps; food stores firmer after slide

By Paul Deckelman

New York, Aug. 31 – Traders saw a little more activity in the bonds of distressed or underperforming companies on Thursday, in line with a somewhat busier feel in the overall high-yield junk bond market – even ahead of the upcoming Labor Day holiday break in the United States.

Besides being busier, things had a firmer feel to them.

Trader said that strengthening crude oil prices helped to push up energy names such as California Resources Corp., MEG Energy Corp. and drilling contractor Ensco plc.

However, EP Energy Corp. and Atwood Oceanics were seen ending on the downside.

Elsewhere, traders noticed a firmer trend in the recently hard-pressed supermarkets sector, including credits like Fresh Market Inc., Ingles Markets Inc. and BI-LO Holdings Inc.

And traders saw upside activity across Hertz Corp.’s capital structure.

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