Weatherford notes rise despite earnings miss; PG&E lower as financing-access granted

By James McCandless

San Antonio, Feb. 1 – The end of the week in the distressed space ended with a net gain across the spectrum.

Weatherford International plc’s notes rose despite missing earnings estimates as the market saw good news in the company’s cash flows.

Elsewhere in oil and gas, another mixed session for oil futures saw similar results in California Resources Corp. and Ensco plc’s issues while Sanchez Energy Corp.’s paper improved.

In the utilities space, PG&E Corp.’s notes were lower as the company secured access for $1.5 billion in DIP financing.

Samarco Mineracao SA’s issues extended a positive streak after a crash earlier in the week.

Telecom name Intelsat SA’s paper was trending higher while domestic peer Frontier Communications Corp.’s notes were mixed.

Hexion Inc.’s issues were also mixed.

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