California Resources dips; Adient rises as subsidiary prices new issue

By James McCandless

San Antonio, April 25 – Energy names were the main driver of distressed trading on Thursday, trending lower.

California Resources Corp.’s notes dipped amid a sell-off of the company’s equity and pressures in its home state on oil production.

Sector peer Superior Energy Services, Inc.’s issues were similarly negative after releasing a lackluster earnings report.

Ensco Rowan plc and Halcon Resources Corp.’s paper declined with oil futures.

In manufacturing, Adient plc’s notes rose in anticipation of a new issue of seven-year senior secured notes that priced after the close.

Meanwhile, finance name Deutsche Bank AG’s issues dropped after it terminated merger talks with competitor Commerzbank.

In the health care space, Teva Pharmaceutical Industries Ltd.’s and Mallinckrodt plc’s paper were pushed lower.

Telecom name Intelsat SA’s notes fared better on Thursday.

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