Bed Bath & Beyond trades mixed after earnings; PG&E better amid restructuring spat

By James McCandless

San Antonio, Oct. 3 – The distressed debt space saw more volume given to newsmakers with an undercurrent of energy tranches.

Bed Bath & Beyond Inc.’s notes varied in direction after releasing a lukewarm second-quarter earnings report.

The 5.165% senior notes due 2044 added 1 point to close at 68½ bid. The 4.915% senior notes due 2034 lost ½ point to close at 72½ bid.

After the close on Wednesday, the Union, N.J.-based retailer released its second-quarter earnings report.

The company reported a profit of 34 cents per share, better than the 26 cents per share that analysts had expected.

Revenues were underwhelming at $2.72 billion.

The company also said that by the end of the fiscal year it would close 60 stores after originally marking 40 for closure in its previous report.

Rite Aid Corp.’s issues improved following the company’s announcement of a new chief operating officer.

In utilities, PG&E Corp.’s paper saw a better day amid an increasingly contentious dispute between creditors and equity holders.

The 6.05% notes due 2034 improved by 1¼ points to close at 113½ bid.

In recent days, the San Francisco-based bankrupt electric utility has found itself drawn deeper into a dispute between it, shareholders and creditors over its potential restructuring plan.

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