L Brands notes higher after asset sale; Ferrellgas issues gain on acquisition news

By James McCandless

San Antonio, Dec. 13 – Activity in the distressed space on Thursday turned largely positive.

L Brands, Inc.’s notes traded higher after the company announced that it had sold one of its clothing brands to a private equity firm.

Elsewhere in retail, PetSmart, Inc.’s issues declined while Revlon, Inc.’s paper ended mixed.

Meanwhile, propane name Ferrellgas Partners LP’s notes gained after the company announced the acquisition of Co-op Butane, Inc.

In the oil space, Parker Drilling Co.’s issues improved after the company filed for bankruptcy on Wednesday.

California Resources Corp.’s paper rose alongside oil futures as Sanchez Energy Corp.’s notes went negative.

Drug maker Mallinckrodt plc’s issues continued to drop.

Food and beverage name Dean Foods Co.’s paper rose.

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