PDVSA higher amid Venezuela turmoil; FirstEnergy lower as subsidiary restructures

By James McCandless

San Antonio, Jan. 23 – Energy names were the talk of the distressed space with trading varied and moving in different directions on Wednesday.

Petroleos de Venezuela SA’s notes were on the rise despite turmoil for the company and in Venezuela in general.

Elsewhere in oil, Parker Drilling Co.’s issues declined as the company received court approval to pursue its bankruptcy plan.

While Wednesday saw another decline in oil futures, California Resources Corp.’s paper trended negative, but conversely Ultra Petroleum Corp.’s notes improved.

In utilities, FirstEnergy Solutions Corp. saw its notes fall after reaching a restructuring deal with its creditors.

Meanwhile, PG&E Corp.’s issues continued a negative trend.

Media and entertainment name iHeartMedia, Inc.’s paper improved after its restructuring plan was approved in court.

Retailer L Brands, Inc.’s notes finished mixed while PetSmart, Inc.’s issues moved lower.

© 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.