CalRes notes diverge after bankruptcy; American Airlines eyed in travel space

By James McCandless

San Antonio, July 17 – At the end of the week in the distressed debt market, energy and travel paper saw the lion’s share of the attention.

California Resources Corp.’s notes diverged in direction in the wake of its bankruptcy filing.

While oil futures were under pressure, Whiting Petroleum Corp.’s and Chesapeake Energy Corp.’s issues improved while Occidental Petroleum Corp.’s paper saw mixed results.

Elsewhere, in the travel space, American Airlines Group Inc.’s notes moved on separate paths after warning of mass furloughs

Sector peer United Airlines Holdings, Inc.’s issues varied.

Meanwhile, air and rail builder Bombardier Inc.’s paper rose after news broke of a new contract for railcars in California.

In the telecom space, iHeartMedia, Inc.’s notes differed a day after the company repaid the outstanding amount under its credit facility.

Satellite operator Frontier Communications Corp.’s issues slipped.

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