California Resources again most active in faltering E&P space; Valeant down across board

By Colin Hanner

Chicago, June 15 – Energy continued to be the name of the day on Thursday in the distressed debt market, sources said, as energy continued drop further after Wednesday data did not bode well for the sector as a whole.

“Today was a very lackluster day,” a market source said of the entire market. “Energy was still very active from yesterday.”

California Resources Corp. headlined activity in the exploration and production space, as did EP Energy Corp. and MEG Energy Corp.

On Wednesday, the Energy Information Agency reported an increase of 2.1 million barrels of gasoline inventories – “above the upper limit of the average range,” the agency said – which, in turn, drove the broader market downward.

Valeant Pharmaceuticals International Inc. saw an uptick in activity, though the same could not be said of its bond movement, which was starkly downward on the session in line with its stock price.

No company news drove the movement, a week after the Laval, Que.-based pharmaceutical company sold its iNova Pharmaceuticals business.

Intelsat SA saw virtually no movement on volume that was nearly half of Wednesday’s, and several other distressed notables – iHeartCommunications, Inc., Fresh Market Inc. and Hertz Corp. among them – made moves on nominal trading.

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