Teva lower on continued scrutiny; Chaparral Energy drops after downgrade

By James McCandless

San Antonio, May 15 – The distressed space’s focus for Wednesday landed at the feet of pharmaceutical and energy names.

Teva Pharmaceutical Industries Ltd.’s notes were lower in the aftermath of negative headlines and legal action surrounding the company.

Elsewhere in the sector, Endo International plc’s issues were similarly under pressure.

In the energy space, Chaparral Energy, Inc.’s paper dropped after a ratings downgrade.

Sector peers Ensco Rowan plc’s and California Resources Corp.’s notes were mixed while Superior Energy Services, Inc.’s issues fell despite improvement in oil futures.

Meanwhile, Hexion, Inc.’s paper closed mixed as it won court approval to enact its restructuring plan.

Telecom name Intelsat SA’s notes were similarly mixed as its push to open up the C-band spectrum gains traction.

Dean Foods Co.’s issues ended the day trending negative.

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