PG&E mixed as insurance fund unveiled; Adient lower despite analyst upgrade

By James McCandless

San Antonio, April 12 – The distressed debt space saw more focus on news-driven names to end the week.

PG&E Corp.’s notes were mixed as the governor of California detailed a plan to set up an insurance fund for wildfire liabilities.

Manufacturer Adient plc’s issues moved lower despite receiving a recent string of analyst upgrades.

In chemicals, Hexion, Inc.’s paper was mixed as its DIP term loan started trading.

Meanwhile, oil and gas name Ensco Rowan plc’s notes were similarly mixed a day after the new entity finalized its merger.

Oil futures bounced back, though California Resources Corp., EP Energy Corp., and Denbury Resources Inc.’s issues all traded mixed.

Elsewhere, in telecom, Intelsat SA and Frontier Communications Corp.’s paper varied in direction.

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