PHI notes fall as market increases scrutiny; California Resources leads energy names lower

By James McCandless

San Antonio, Nov. 13 – A short week in the distressed space started with an increased focus on energy names.

PHI, Inc.’s notes fell as the market sees less of a chance for the company to refinance its debt after a string of negativity.

The weakness spread to sector peer Bristow Group Inc.’s issues, combining with poor earnings results.

Elsewhere in energy, California Resources Corp. paper led the space downward as oil futures continued to trend negative.

The sector saw declines in Sanchez Energy Corp., Hornbeck Offshore Services, Inc. and Ensco plc’s issues.

Coal producer Cloud Peak Energy Inc.’s notes dropped as the company announced a strategic alternative review and a termination of its undrawn credit agreement.

In manufacturing, Adient, plc’s paper fell.

Chemical name Hexion Inc.’s notes also dropped.

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