Sanchez Energy down on bankruptcy; Neiman Marcus lower after lawsuit news

By James McCandless

San Antonio, Aug. 12 – The beginning of the week in the distressed market was marred by negative news surrounding volume leaders.

Sanchez Energy Corp.’s notes headed downward after the company announced that it had filed for Chapter 11 bankruptcy.

Despite improving oil futures, Southwestern Energy Co., Diamond Offshore Drilling, Inc. and Whiting Petroleum Corp.’s issues were under pressure.

Meanwhile, in retail, Neiman Marcus Group, Inc.’s paper traded lower after a bond trustee filed a lawsuit against the company over a private equity transfer.

Sector peer Rite Aid Corp.’s notes declined as the company installs a new chief executive officer.

In telecom, Frontier Communications Corp.’s issues were under water after a ratings downgrade.

Satellite operator Intelsat SA’s paper was also trailing.

Business software name Exela Technologies, Inc.’s notes underwent a partial rebound.

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