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McDermott International notes decline in energy space; PG&E higher amid creditor spat
By James McCandless
San Antonio, Sept. 24 – The distressed debt market saw more focus on energy tranches, echoing the previous day’s activity.
McDermott International, Inc.’s notes were declining at the top of the energy space, with the company still reeling from last week’s crash.
The 10 5/8% senior notes due 2024 lost 1 point to close at 27 bid.
About $59 million of the notes changed hands by the close.
The Houston-based oil and gas engineering name’s structure has seen a precipitous fall in recent trading days after announcing that it had hired turnaround advisers to revamp its balance sheet.
Sector peer Extraction Oil & Gas, Inc.’s issues saw negativity after a ratings agency changed its view of the name for the worse.
A slip in oil futures was followed by moves downward for California Resources Corp.’s and Valaris plc’s paper.
Elsewhere, PG&E Corp.’s notes moved higher amid an increasingly contentious reorganization dispute with its creditors.
The 6.05% notes due 2034 garnered ¾ point to close at 112½ bid.
About $25 million was on the tape by the close.
The San Francisco-based bankrupt electric utility is embroiled in a dispute with its creditors and wildfire victims over two proposed restructuring plans.
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