Bed Bath & Beyond falls amid investor pressure; Adient loses as new issue trades

By James McCandless

San Antonio, April 26 – Oil and retail names were the focus of the distressed debt space as the week came to an end, as they were for much of the week.

Bed Bath & Beyond, Inc.’s notes fell after a group of activist investors renewed efforts to force the company to replace its chief executive officer.

Sector peer PetSmart, Inc.’s issues were mixed while Neiman Marcus Group, Inc.’s paper improved.

Elsewhere, Adient plc’s notes lost by the end of the day as a subsidiary’s new issue of seven-year senior secured notes began trading.

In oil and gas, Superior Energy Services, Inc.’s issues continued to trend negative in the wake of its earnings report.

A significant dip in oil futures begot similar movements for California Resources Corp., Ensco Rowan plc, and Chaparral Energy, Inc.’s paper.

Meanwhile, in telecom, Intelsat SA’s notes were on an upward trend.

© 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.