Alta Mesa notes crash after financial reporting news; Windstream issues gain

By James McCandless

San Antonio, Feb. 26 – The Tuesday session in the distressed space saw more focus on oil and telecom names.

Alta Mesa Resources, Inc.’s notes crashed after the company after announced preliminary Q4 results, including about $3.1 billion in write-downs.

Elsewhere in oil and gas, better oil futures led to positive movement for Sanchez Energy Corp.’s and PHI, Inc.’s issues while California Resources Corp.’s paper also improved.

In telecom, Windstream Holdings, Inc.’s notes recovered somewhat as the company worked through its first day of bankruptcy proceedings.

Telecom REIT Uniti Group Inc.’s issues also rose.

Drug-maker Mallinckrodt plc’s paper saw a boost after the company beat earnings expectations.

Sector peer Teva Pharmaceutical Industries Ltd.’s notes declined.

Vehicle rental name Hertz Global Holdings, Inc.’s issues were on the rise despite the company posting a Q4 loss.

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