Teva lower as company settles suit; Navios mixed amid debt swap

By James McCandless

San Antonio, May 28 – The distressed space saw movement pinned to newsmakers to start off a short week.

Teva Pharmaceutical Industries Ltd.’s notes traded lower after the company settled a lawsuit brought by the state of Oklahoma over the opioid epidemic.

Sector peer Mallinckrodt plc’s issues were mixed after it announced that it would be spinning off its generic drugs unit.

Shipping name Navios Maritime Holdings Inc.’s paper finished mixed amid the company’s execution of a debt buyback.

Meanwhile, in retail, L Brands, Inc.’s notes were also mixed as the market continues to react to its surprisingly positive first-quarter earnings.

Elsewhere in the space, Bed Bath & Beyond, Inc.’s issues were moving higher.

In energy, the sector’s distressed tranches did not follow oil futures up as California Resources Corp.’s and Ensco Rowan plc’s paper ended mixed and Weatherford International plc’s notes slipped.

Exela Intermediate LLC, a subsidiary of Exela Technologies Inc., saw its issues improve after a precipitous fall last week.

© 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.