Hercules Offshore’s loss wider than expected, bonds come in; Cliffs mixed; NII notes rise

By Stephanie N. Rotondo

Phoenix, Oct. 23 – The distressed bond market remained on an upward climb Thursday, but there were some names that bucked the positive trend.

Hercules Offshore Inc. released its third quarter earnings ahead of the market’s open. Though the company showed better-than-expected revenue, it posted a wider-than-expected loss.

Meanwhile, sector peer Paragon Offshore plc bonds were also coming down.

In a related space, private oil exploration and development company Samson Investment Co.’s 9¾% notes due 2020 declined 2 points to 80¼.

In the mining space, Cliffs Natural Resources Inc. was mixed. The company’s debt has failed to hold on to gains earned at the end of last week and investors are looking to the company’s earnings release on Monday.

NII Holdings Inc., however, was following the day’s trend. New court filings showed that the company’s creditor committee was looking to hire legal and financial advisors, as talks regarding the company’s restructuring plan move forward.

NII’s bonds have been climbing higher all week, though on no fresh news.

Earlier in the week, a trader noted that the company was still in talks with creditors regarding its restructuring plan and that the gains could be based on how those are going.

© 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.