Ensco, Rowan notes gain after clearing regulatory hurdle; Ultra Petroleum up

By James McCandless

San Antonio, Nov. 21 – On the day before the Thanksgiving holiday in the United States, the distressed space saw a recovery as volume remained steady.

Ensco plc and Rowan Cos. plc’s notes gained after both companies announced that U.S. regulators have terminated the waiting period to allow them to merge.

Elsewhere in energy, Ultra Petroleum Corp.’s issues gained despite a ratings downgrade late Tuesday.

Sable Permian Resources, LLC’s notes traded up after steep drops on Tuesday.

California Resources Corp. and Sanchez Energy Corp.’s paper also improved.

In retail, L Brands, Inc.’s issues were mixed in Wednesday’s session after releasing its third-quarter earnings Tuesday. J.C. Penney Co., Inc.’s paper fell.

Meanwhile, telecom name Altice Europe NV’s notes rose despite a disappointing earnings release.

Domestic peer Frontier Communications Corp.’s issues also rose.

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