PG&E lower as creditors propose restructure plan; GTT slides on analyst downgrade

By James McCandless

San Antonio, June 25 – As the distressed space moved into Tuesday, the focus fixed on utility and telecom names.

PG&E Corp’s notes ended the session lower after a group of bondholders proposed a rival restructuring plan as a counter to the company’s proposal.

In telecom, GTT Communications, Inc.’s issues slid after an analyst downgrade put pressure on the structure.

Sector peer Frontier Communications Corp.’s paper was also trailing.

Oil and gas name Denbury Resources, Inc.’s notes were mixed on the heels of a ratings change.

Amid another day of mixed oil futures, California Resources Corp.’s issues also ended mixed as Ensco Rowan plc’s and Sanchez Energy Corp.’s paper was under water.

Meanwhile, medical transporter Air Methods Corp.’s notes continued to drop as the prospect of more billing oversight hangs over it.

Pharma name Teva Pharmaceutical Industries Ltd.’s issues saw mixed activity.

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