Whiting eyed as CEO change announced; Revlon notes decline amid dual lender disputes

By James McCandless

San Antonio, Aug. 14 – As the week came to its conclusion, the distressed debt space continued focusing on the energy and retail sectors.

Whiting Petroleum Corp.’s notes varied in direction as news broke of an impending chief executive officer change.

The 6¼% senior notes due 2023 held level to close at 19 bid. The 6 5/8% senior notes due 2026 picked up 1 point to close at 19½ bid.

During the Friday session, the Denver-based independent oil and gas producer announced that CEO and chairman of the board Bradley Holly would resign from the company upon its emergence from bankruptcy.

Meanwhile, in retail, Revlon, Inc.’s paper lost ground as a second dispute surrounding its lenders emerged.

The 5¾% senior notes due 2021 dropped ¼ point to close at 22 bid. The 6¼% senior notes due 2024 dived 6¼ points to close at 9½ bid.

On Friday, reports indicated that Citigroup was attempting to recoup $900 million in payouts to the New York-based cosmetics producer’s lenders.

The financial services firm said that the $900 million was a clerical error, some of which has been paid back.

This is the second lender dispute in as many days, after some of the same lenders filed a lawsuit against the company claiming theft of intellectual property.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.