California Resources leads E&P losses as oil tanks; Intelsat higher; Endo trends lower

By Colin Hanner

Chicago, June 14 – The distressed debt market was “still quiet” on Wednesday, a trend that persisted the previous two sessions, market sources said, though exploration and production companies took some low blows after disparaging reports from the industry.

Reports from the Energy Information Administration and the International Energy Agency sent tremors into the bond market, with California Resources Corp., EP Energy Corp. and MEG Energy Corp., among others, down several points in line with crude oil prices.

“With oil reserves building, things are really getting wacked,” a trader said.

Satellite telecommunications company Intelsat SA was higher across two subsidiaries, though no company news drove the movement. Issues have been in flux since the company terminated an exchange offer and planned merger with OneWeb LLC but have been trending higher on the week.

A handful of health care-related names saw mixed movement with “a handful of trades” on the session, a market source said, including Endo Pharmaceuticals plc and Valeant Pharmaceuticals International Inc.

© 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.