Exela pushed into distressed territory; L Brands rises after earnings report

By James McCandless

San Antonio, May 23 – The distressed space saw a broad decline in Thursday trading with bright spots sprinkled here and there.

Exela Intermediate LLC, a subsidiary of Exela Technologies Inc., saw its notes fall into distressed territory on the heels of a ratings downgrade.

In retail, L Brands, Inc.’s issues were on the rise after the release of its first-quarter earnings report.

Sector peer PetSmart, Inc.’s paper finished mixed.

In the energy space, Ensco Rowan plc’s notes took a dive after the company announced that it was suspending quarterly dividends.

Meanwhile, California Resources Corp.’s and Chaparral Energy Inc.’s issues mirrored sharp drops seen in oil futures as Halcon Resources Corp.’s paper improved.

Elsewhere, Mallinckrodt plc’s notes were mixed as it endures a week of negative attention.

Teva Pharmaceutical Industries Ltd., another drugmaker, saw its issues decline.

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