Rite Aid better on earnings report; Halcon Resources lower after bankruptcy exit news

By James McCandless

San Antonio, Sept. 26 – Thursday trading in the distressed debt market largely depended on individual news-making names, with a heavy showing by energy tranches.

Rite Aid Corp.’s notes performed better after the company released better-than-expected second-quarter earnings.

The 6 1/8% senior notes due 2023 rose 1½ points to close at 81½ bid. The 7.7% senior notes due 2027 gained 3¾ points to close at 53¾ bid.

Early Thursday, the Camp Hill, Pa.-based drug store chain released better-than-expected second-quarter earnings results.

The company reported a 12 cents per share profit, better than the 8 cents per share profit expected by analysts.

Revenues were just under predictions at $5.37 billion.

In energy, Halcon Resources Corp.’s paper declined after the company said that it expects to exit bankruptcy within the next few weeks.

The 6¾% senior notes due 2025 shaved off ½ point to close at 9½ bid.

The Houston-based independent oil and gas producer announced on Thursday that it expects to exit bankruptcy within the next few weeks, Prospect News reported.

Last month, the company filed for Chapter 11 bankruptcy with about $945 million in debt on its books.

Meanwhile, dairy name Dean Foods Co.’s paper saw a recovery after previously declining on news that its chief financial officer had resigned.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.