Neiman Marcus notes rise on news of creditor agreement; PG&E issues up

By James McCandless

San Antonio, March 1 – The end of the week in the distressed space saw more focus on names making news this week.

Neiman Marcus Group, Inc.’s notes were on the rise after the company announced an agreement in principle with its creditors to extend its debt.

Elsewhere in the sector, L Brands, Inc.’s issues were better while J.C. Penney Co., Inc.’s paper was negative.

Meanwhile, PG&E Corp.’s notes gained amid the backdrop of a large investor nominating its choices to replace the company’s current board of directors.

Hospital name Community Health Systems, Inc.’s issues were mixed amid a new issue trading and another asset divestiture.

In energy, California Resources Corp., Sanchez Energy Corp. and Ensco plc’s paper slid along with oil futures.

Hexion Inc.’s notes were trading lower.

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