PG&E notes decline as company incurs $10.5 billion charge; Digicel issues fall

By James McCandless

San Antonio, Feb. 28 – More earnings reports took up much of the distressed market’s attention in the Thursday session.

PG&E Corp.’s notes declined after the company recorded a $10.5 billion charge related to California wildfires in late 2018.

Meanwhile, Digicel Group Ltd.’s issues were also falling after the company disclosed that lenders agreed to ease its leverage covenant.

Domestic peer Frontier Communications Corp.’s paper saw mixed activity.

Retailer J.C. Penney Co., Inc.’s notes rose after the company reported positive earnings for the fourth quarter.

Sector peer L Brands, Inc.’s issues were mixed after the company reported weak quarterly sales highlighted by its Victoria’s Secret segment.

In oil and gas, California Resources Corp.’s paper shot up after a surprisingly strong earnings report.

Ensco plc’s issues were mixed after the company released its Q4 report, with the market focused on its declining revenues.

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