Valeant asset-sale gains go on; Bristow jumps on realignment; Rite Aid slide continues

By Paul Deckelman

New York, June 9 – Valeant Pharmaceuticals International Inc.’s bonds remained well-bid-for over a second straight session Friday on the news of an asset sale by the debt-laden Canadian drug manufacturer.

Also on the upside, Bristow Group Inc., a provider of helicopter transportation to the offshore energy industry, was sharply higher after it unveiled a corporate realignment plan that it said would cut costs, boost liquidity and ultimately help its capital structure.

Hornbeck Offshore Services Inc.’s bonds and shares were also better, though there was no firm news on the offshore energy services provider that might explain that jump.

Some recently embattled oil and gas names such as EP Energy Corp. were seen rebounding, as oil prices also turned upward after recent weakness.

But drugstore chain operator Rite Aid Corp.’s securities were headed in the opposite direction for a second day in a row following a report that indicated the Federal Trade Commission remains opposed to its planned merger with larger competitor Walgreen Boots Alliance.

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