Windstream notes crash after legal battle lost; PHI issues drop as pressure mounts

By James McCandless

San Antonio, Feb. 19 – The short week in the distressed space started with focus moving to the telecom sector.

Windstream Holdings, Inc.’s notes crashed after the company lost a legal fight over whether it defaulted on its debt in 2015.

Sector peer Intelsat SA’s issues were also lower as the market anticipates its earnings report.

Meanwhile, in the energy space, PHI, Inc.’s paper dropped as it faces more pressure over a maturity that comes due next month.

Bristow Group, Inc., another helicopter name, saw its notes continue to bounce back from recent lows after a canceled acquisition.

Modest gains for oil futures spurred similar movement for California Resources Corp., Denbury Resources Inc. and Weatherford International plc’s issues.

In the medical space, Teva Pharmaceutical Industries Ltd.’s paper was mixed as the company announced that it expects better sales of its EpiPen by year’s end.

PG&E Corp.’s notes sprung after the company received a “buy” analyst rating from Citigroup.

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