Oil continues descent with higher rig counts; EP Energy, Halcon, California Resources down

By Colin Hanner

Chicago, July 7 – The distressed debt market reflected previous sessions on Friday, a market source said, in that “activity didn’t really pick up” on a holiday-shortened week.

The activity that was there was concentrated on the sway of oil prices on the day, with distressed exploration and production companies moving in tandem with the downward price of oil.

EP Energy Corp., Halcon Resources Corp. and California Resources Corp. were among the session’s losers.

Elsewhere, GenOn Energy Inc. was one of the day’s more actively-traded issues, Intelsat SA pared losses from Thursday’s session and several other one-off issues traded on a lackluster end to a four-day week.

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