PG&E declines as company mulls offer to avert bankruptcy; PDVSA gains despite sanctions

By James McCandless

San Antonio, Jan. 28 – The start of a new week in the distressed space saw a continued focus on electricity and oil names.

PG&E Corp.’s notes declined as the company received a $4 billion plan to avoid filing for bankruptcy.

FirstEnergy Solutions Corp., a subsidiary of FirstEnergy Corp., saw its issues jump.

Meanwhile, in oil and gas, Petroleos de Venezuela SA’s paper was gaining despite news late Monday afternoon that the U.S. government will impose sanctions on the company.

Elsewhere, oil futures were falling as California Resources Corp.’s, Ensco plc’s, and Hi-Crush Partners LP’s notes were also negative.

In retail, Neiman Marcus Group Inc.’s issues were rising as the company announced the departure of president and chief merchandising officer Jim Gold.

PetSmart, Inc.’s paper was mixed.

Chemicals maker Hexion Inc.’s notes were also mixed.

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