Bristow notes lower; Sears issues gain amid post-bankruptcy operations buzz

By James McCandless

San Antonio, Nov. 14 – The distressed sector rolled on Wednesday with a continued fixation on the energy sector.

Bristow Group Inc.’s notes traded lower after the company announced a consent solicitation for its 8¾% senior secured notes due 2023.

Elsewhere, Ensco plc’s issues fell as the market continued to take swings at an energy sector bogged down with uncertainty.

With a rise in oil futures came gains for Sanchez Energy Corp.’s paper while Denbury Resources Inc.’s notes declined.

Meanwhile, in retail, Sears Holdings Corp.’s paper traded up as talk of the company issuing additional paper generated activity.

Sector peers Neiman Marcus Group, Inc. and J.C. Penney Co., Inc.’s notes were under pressure.

In coal, Cloud Peak Energy Inc.’s issues recouped Tuesday’s losses spurred from announcements of a strategic alternative review and a termination of its undrawn credit agreement.

Telecom names Intelsat SA and Frontier Communications Corp.’s issues dropped.

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