PG&E rises after restructure plan floated; Teva mixed as settlement approved

By James McCandless

San Antonio, June 24 – The distressed debt space started off a new week with activity in the utility and pharmaceutical spaces.

PG&E Corp’s notes were on the rise as the company floats a plan to exit bankruptcy in March with dual funds for wildfire claims.

Meanwhile, in the pharma space, Teva Pharmaceutical Industries Ltd.’s issues closed mixed as its $85 million settlement with Oklahoma was approved in court.

Sector peer Mallinckrodt plc’s paper also finished mixed.

Medical transport name Air Methods Corp.’s notes continued to drop as legislation over balance billing hangs over the name.

In telecom, Frontier Communications Corp.’s issues were mixed as the company mulls restructuring options.

Satellite operator Intelsat SA’s paper declined.

As oil futures trade mixed, California Resources Corp.’s notes were similar while Ensco Rowan plc’s issues improved and Alta Mesa Resources, Inc.’s paper dipped.

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