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American Airlines notes down after layoff warning; Antero trades up in energy space
By James McCandless
San Antonio, Aug. 25 – Travel and energy sector names were the focus of trading in Tuesday’s distressed debt market.
American Airlines Group Inc.’s notes were pushed down after warning of tens of thousands of layoffs and furloughs if federal aid ends.
The 11¾% senior notes due 2025 dropped ½ point to close at 94¾ bid. The 5% senior notes due 2022 shaved off ½ point to close at 62 bid.
Early Tuesday morning, the Fort Worth-based air traveler announced that if a second round of federal aid isn’t passed by October, up to 40,000 workers could be laid off or furloughed.
The company said that 19,000 of those positions would be involuntary cuts.
In March, the federal government enacted legislation to provide the sector with $25 billion in payroll aid that is set to expire in October.
In the oil and gas space, Antero Resources Corp.’s paper rose after it announced early results for a two-series tender offer.
The 5 1/8% senior paper due 2022 picked up 1½ points to close at 85 bid. The 5% senior paper due 2025 tacked on 1½ points to close at 70 bid.
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