Hexion notes up after bankruptcy filing; PetSmart notes mixed as legal dispute continues

By James McCandless

San Antonio, April 1 – The new week in the distressed space saw a focus on news-driven names.

Hexion, Inc.’s notes gained after the company filed for Chapter 11 bankruptcy early Monday with a debt reduction plan.

Meanwhile, in retail, PetSmart Inc.’s issues were mixed as the company continues its legal dispute with its creditors.

Sector peers Bed Bath & Beyond Inc. and L Brands Inc.’s paper was similarly mixed.

In telecom, Intelsat SA’s notes were mixed on high activity while Frontier Communications Corp.’s issues ended better.

A boost for oil futures led to gains for California Resources Corp., Halcon Resources Corp. and Ensco plc’s paper.

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