MEG Energy crashes on canceled takeover; PG&E issues rise as bankruptcy saga presses on

By James McCandless

San Antonio, Jan. 17 – The distressed debt market saw more focus on oil and electric utility names in the Thursday session.

MEG Energy Corp.’s notes crashed after prospective buyer Husky Energy canceled its hostile bid for the company.

Elsewhere in energy, a slight drop in oil futures was the backdrop for improvements in Sanchez Energy Corp.’s and Hi-Crush Partners LP’s issues while Ultra Petroleum Corp.’s paper ended mixed.

Bristow Group Inc.’s notes were lower.

PG&E Corp.’s issues were higher as some of the market’s pressure loosened.

In the retail space, Neiman Marcus Group, Inc.’s, L Brands, Inc.’s and Revlon, Inc.’s paper closed the day mixed.

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