PG&E rises on bankruptcy filing; Ensco improves as merger agreement amended

By James McCandless

San Antonio, Jan. 29 – The distressed market spent Tuesday largely abuzz over the long-anticipated bankruptcy filing of PG&E Corp.

PG&E’s notes, however, were rising on the news after the company had mulled and dismissed several last-minute rescue offers.

Elsewhere, Ensco plc’s issues were rising after the company once again changed the share exchange ratio for a merger.

Rowan Cos. plc, Ensco’s merger partner, saw its paper also improve.

A better day for oil futures mirrored positive trends for California Resources Corp.’s, Weatherford International plc’s, and Hornbeck Offshore Services Inc.’s notes

Meanwhile, Western Digital Corp.’s issues were better despite recent disappointing earnings and market reaction to Apple’s lackluster earnings report.

Retailer Neiman Marcus Group Inc.’s paper was improving a day after the company announced the departure of its president and chief merchandising officer James Gold.

Sector peer L Brands, Inc.’s notes were mixed.

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