PG&E rises after restructure plan stalled; Envision spikes amid regulatory delay

By James McCandless

San Antonio, Dec. 16 – The distressed debt space began the week on a positive run, focusing on shifting ground in the utilities and health care spaces.

PG&E Corp.’s notes rose after the governor of California rejected the company’s reorganization plan, citing a need to establish a better financing plan.

Health care name Envision Healthcare Corp.’s issues spiked as federal regulators are expected to delay surprise billing reform.

Meanwhile, in oil and gas, Transocean Ltd.’s paper improved following its awarding of a drilling contract.

Gaining oil futures were followed by California Resources Corp.’s, Valaris plc’s and Whiting Petroleum Corp.’s notes.

In the telecom space, Intelsat SA’s issues trended upward while Frontier Communications Corp.’s paper varied.

ATM maker Diebold Nixdorf, Inc.’s notes were active but flat.

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