Weatherford better as DIP financing approved; Teva down in pharma space

By James McCandless

San Antonio, July 5 – On the Friday after the Independence Day holiday, volume was light in the distressed space though some names in energy and pharma were in the spotlight.

Weatherford International plc’s notes ended better as the company won interim access to a $1.75 billion debtor-in-possession financing package.

As oil futures rose, California Resources Corp.’s issues also gained while Superior Energy Services, Inc.’s paper finished mixed and Ensco Rowan plc’s notes declined.

Meanwhile, in the health space, Teva Pharmaceutical Industries Ltd.’s issues were moving down.

Sector peer Mallinckrodt plc’s paper was similarly better.

Telecom name Frontier Communications Corp.’s notes trended lower as the company continues in the spotlight regarding its debt.

Intelsat SA’s issues gained during the Friday session.

Manufacturer United States Steel Corp.’s paper edged higher amid continuing uncertainty in the trade climate.

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