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Mallinckrodt dips on negative attention; Halcon Resources lower on restructuring chatter
By James McCandless
San Antonio, July 22 – The distressed space trended lower during Monday with a focus on pharmaceutical names.
Mallinckrodt plc’s notes dipped amid negative headlines about its executives’ handling of opioid medications and the halting of its Acthar Gel clinical study.
The 5 5/8% senior notes due 2023 lost 3¼ points to close at 63 bid. The 5¾% notes due 2022 shed 2¾ points to close at 74½ bid.
Sector peer Teva Pharmaceutical Industries Ltd.’s issues were also lagging.
The 3.15% senior notes due 2026 dropped ¾ point to close at 73½ bid. The 4.1% notes due 2046 fell ¾ point to close at 63½ bid.
In energy, Halcon Resources Corp.’s paper was moving lower as the company inches closer to a bankruptcy filing.
Oil futures rose, though California Resources Corp., Ensco Rowan plc and Superior Energy Services, Inc. finished mixed.
In retail, J.C. Penney Co., Inc.’s issues improved in the wake of hiring restructuring advisers.
Bed Bath & Beyond Inc.’s paper was in decline.
Steel name United States Steel Corp.’s notes trended higher.
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