Teva loses as legal troubles mount; Weatherford drops as bankruptcy expected

By James McCandless

San Antonio, May 13 – The distressed space was pushed lower under the weight of the uncertainty in trade and a slate of negative news for individual names.

Teva Pharmaceutical Industries Ltd.’s notes were losing after news broke that 44 states have filed a lawsuit against the name for alleged price fixing.

Sector peers Endo International plc’s and Mallinckrodt plc’s issues were also dragged down.

Elsewhere, in oil and gas, Weatherford International plc’s paper dropped as the company announced its intention to file for bankruptcy.

Bristow Group, Inc.’s notes crashed after the company filed for bankruptcy over the weekend.

As oil futures fell, California Resources Corp.’s issues traded mixed and Halcon Resources Corp.’s paper improved.

In retail, Bed Bath & Beyond, Inc.’s notes were mixed after its chief executive officer resigned due to investor pressure.

PetSmart, Inc.’s issues went negative.

© 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.