California Resources notes lower as oil prices recover; Digicel issues rise

By James McCandless

San Antonio, Dec. 19 – The distressed space spread its volume across multiple sectors on Wednesday after concentrating on energy this week.

California Resources Corp.’s notes continued to lead trading, ending the day lower as oil prices saw an improvement.

The recovery saw concurrent improvement for Sanchez Energy Corp.’s issues while Weatherford International plc and Diamond Offshore Drilling, Inc.’s paper declined.

Elsewhere, Digicel Group Ltd.’s notes gained after the company announced an extension for its exchange offer of its 8¼% notes due 2020.

Sector peer Intelsat SA’s issues were mixed.

Drug maker Bausch Health Cos. Inc.’s paper fell despite offering an update on its debt repayment for the year.

Mallinckrodt plc’s notes also took a dive.

In the tech space, Western Digital Corp.’s issues went negative.

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