Denbury declines after company nixes merger; Murray Energy dips after ratings downgrade

By James McCandless

San Antonio, March 22 – Energy names remained the focus of distressed trading at the end of the week.

Denbury Resources Inc.’s notes declined after the company canceled a proposed merger when it failed to garner stakeholder support.

Oil futures were negative, though California Resources Corp.’s and EP Energy Corp.’s issues gained while Ensco plc’s paper ended mixed.

In coal, Murray Energy Corp.’s notes dipped after a ratings downgrade.

Meanwhile, Intelsat SA’s issues recovered after Thursday’s negativity spurred on by comments from the chairman of the Federal Communications Commission.

Sector peer Frontier Communications Corp.’s paper moved lower.

Retailer Revlon, Inc.’s notes were mixed as J.C. Penney Co., Inc.’s issues followed a negative path.

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