Bed Bath & Beyond notes gain amid executive shakeup; PG&E lower after settlement news

By James McCandless

San Antonio, Dec. 17 – Newsmakers in the retail and utilities sectors drove much of the trading activity in distressed debt on Tuesday.

Bed Bath & Beyond Inc.’s notes gained by the close after the company announced the departure of several executives.

The 5.165% senior notes due 2044 inched up ¼ point to close at 73¼ bid. The 4.915% senior notes due 2034 gained ¼ point to close at 75¼ bid.

Early Tuesday, the Union, N.J.-based retailer announced the departure of six high-level executives, including the chief marketing officer and chief merchandising officer.

The company said that the departures were to aid the new vision of recently appointed chief executive officer Mark Tritton.

The announcement goes on to say that the company will announce a “new vision” early in 2020.

Meanwhile, utilities name PG&E Corp.’s paper moved lower as the name works to reconfigure its restructuring plan.

The 6.05% senior notes due 2034 shaved off ¾ point to close at 106 bid.

Late Monday, the San Francisco-based bankrupt electric utility announced that it had reached a modified $13.5 billion settlement with wildfire victims, removing a clause that required the approval of California governor Gavin Newsom.

Elsewhere, satellite operator Intelsat SA’s notes were active, rising at the top of the telecom space.

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