California Resources, EP Energy ‘beat up’ a second session with falling oil; PetSmart down

By Colin Hanner

Chicago, June 21 – Distressed exploration and production companies continued to be the name du jour in the distressed debt market on Wednesday, a market source said, as Brent crude joined West Texas Intermediate crude in the bear market.

“With what oil was doing, [distressed] oil names were getting beat up,” a market source said.

Although data from the Energy Information Agency pointed to lower inventories last week, investor worry from the previous session carried over into Wednesday. California Resources Corp. and EP Energy Corp. were among names to drop by several points.

Pet retailer PetSmart Inc. continued to be “under pressure,” a market source said, with its recent deals trending down further toward distressed territory. The store’s grouping into the traditional retail space has bondholders worried about the future of the pet retailer’s future, a market source said.

Intelsat Jackson Holdings SA was “much quieter” than the previous sessions, a market source said, though what volume it did see was lower on the session.

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