California Resources up with oil futures; PetSmart down again in wake of CEO appointment

By James McCandless

San Antonio, May 30 – Traders reported a light day in the distressed debt market on Wednesday, with the energy sector continuing to lead trading.

California Resources Corp. notes traded up a day after major oil producing countries signaled their preference for lifting output caps.

PetSmart, Inc. issues fell again a week after the company announced the appointment of a new CEO.

Bristow Group Inc. paper declined, continuing a downward trend precipitated by a subpar Q1 report released last week.

Intelsat SA notes gained. Recently, the company released a disappointing Q1 report. Frontier Communications Corp. issues were up. The company is dealing with the aftermath of a recent failed auction. Mallinckrodt plc paper trended upward.

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