Digicel notes jump after exchange offer amended; Neiman Marcus issues drop in debt fight

By James McCandless

San Antonio, Dec. 4 – As equities tanked on Tuesday, the distressed space was mixed in direction.

Digicel Group Ltd.’s notes saw a boost after the company announced amended exchange offers for its 2020 and 2022 bonds.

Sector peer Intelsat SA’s issues were lower.

In retail, Neiman Marcus Group Inc.’s paper traded down amid an ongoing disagreement between the company and creditors about a potential restructuring.

Elsewhere in the space, J.C. Penney Co., Inc.’s notes also declined while PetSmart, Inc.’s issues were mixed.

A rise in oil futures led to improvement for California Resources Corp.’s paper and negative trends for Weatherford International plc and Ensco plc’s notes.

In the natural gas space, Ferrellgas Partners, LP’s issues were mixed.

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