Rowan positive despite shareholder opposition to sale; QEP pops on buyout news

By James McCandless

San Antonio, Jan. 7 – A new week in the distressed space once again focused heavily on the energy sector.

Rowan Cos. plc’s notes traded higher despite news that one of its larger shareholders would be opposing its proposed merger with Ensco plc, whose issues were mixed.

Elsewhere in energy, QEP Resources, Inc.’s paper saw a boost after news broke Monday morning of a buyout from Elliot Management.

Gains in oil futures led to commensurate improvements for California Resources Corp., Sanchez Energy Corp. and Denbury Resources Inc.’s notes.

In retail, PetSmart, Inc.’s issues were higher as the company works through its dispute with its creditors.

Sector peers L Brands, Inc. and J.C. Penney Co., Inc.’s paper also trended positive.

© 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.