PG&E notes rise, probe clears utility of 2017 fire; PDVSA down on increased attention

By James McCandless

San Antonio, Jan. 24 – The distressed space was in a holding pattern Thursday, characterized that way by traders, as the market awaits quarterly earnings results.

PG&E Corp.’s notes saw a boost after the company was cleared of any liability in a 2017 wildfire by California investigators.

Elsewhere in utilities, FirstEnergy Solutions Corp., a subsidiary of FirstEnergy Corp., saw its issues end mixed a day after reaching a restructuring deal with bondholders.

Petroleos de Venezuela SA’s paper was down as the market’s attention focused on the company amid the political turmoil in Venezuela.

Meanwhile, Ensco plc’s notes were being pushed lower after the company postponed finalizing a merger with a sector peer so both sides could review new terms.

As oil futures traded in mixed directions, similar activity emerged for California Resources Corp.’s, Sanchez Energy Corp.’s and Hornbeck Offshore Services Inc.’s issues.

Aerospace manufacturer Triumph Group, Inc.’s paper was on the rise after news broke that it had sold its jet wing-making segment to Bombardier.

Retailer Neiman Marcus Group, Inc.’s notes continued their positive trend.

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