Sanchez Energy notes tank as strategic alternatives explored; Mallinckrodt issues crash

By James McCandless

San Antonio, Dec. 6 – A day after the Wednesday market closure for the national day of mourning in the United States, the distressed space ended the Thursday session weaker.

Sanchez Energy Corp.’s notes tanked after the company announced late Tuesday that it had hired financial advisers to help with a strategic alternatives review.

Elsewhere in the space, a negative day for oil futures led to concurrent declines in issues of California Resources Corp., Ensco plc and Bristow Group Inc.

In the medical sector, Mallinckrodt plc’s paper saw a steep decline after the company announced that it would spinoff its generics business.

Meanwhile, in retail, L Brands Inc.’s notes were mixed after the company posted favorable November sales figures.

Sector peer Revlon Inc.’s notes were also mixed, while Neiman Marcus Group Inc.’s paper traded down.

Telecom name Digicel Group Ltd.’s issues were falling amid news of the appointment of a new chief financial officer.

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