Neiman Marcus notes lower as creditor dispute continues; Ultra Petroleum issues fall

By James McCandless

San Antonio, Jan. 3 – Thursday activity in the distressed market saw an uptick as the overall market continues a negative trend.

Neiman Marcus Group, Inc.’s notes moved lower as its court dispute with creditors over a private equity transfer continues.

Other retailers, namely PetSmart, Inc. and L Brands, Inc.’s issues were mixed.

In the energy space, Ultra Petroleum Corp.’s paper also fell after receiving a ratings downgrade after the close on Wednesday.

Sector peer Sanchez Energy Corp.’s notes followed the negative trend.

Meanwhile, in pharmaceuticals, Teva Pharmaceutical Industries Inc. and Bausch Health Cos. Inc.’s issues rose while Mallinckrodt plc’s paper declined.

Despite ties to negative news, Western Digital Corp.’s notes ended the session flat.

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