PG&E mixed as creditors propose bankruptcy exit plan; Endo off on early tender results

By James McCandless

San Antonio, March 28 – The distressed debt market saw more trading in news-driven names in the tail end of the week.

PG&E Corp.’s notes were mixed as its creditors released a $35 billion bankruptcy exit plan on Thursday.

Meanwhile, Endo International plc’s issues moved lower as it announced its early tender results for $1.5 billion of its senior notes.

Sector peer Teva Pharmaceutical Industries Ltd.’s paper was also negative.

Retailer Bed Bath & Beyond, Inc.’s notes were off as activist investors continue to push for the replacement of its chief executive officer and board of directors.

Elsewhere in the space, PetSmart Inc.’s issues ended mixed.

Real estate investment trust CBL & Associates Properties, Inc.’s notes also closed mixed a day after settling a class action lawsuit with its tenants.

Negative returns for oil futures begot similar declines for California Resources Corp.’s and Ensco plc’s notes while EP Energy Corp.’s issues pushed up.

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