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Hertz notes decline as bankruptcy loan sought; American Airlines eyed in travel space
By James McCandless
San Antonio, Aug. 28 – As the week in distressed debt trading came to an end, names in the travel sector were in focus again.
Hertz Global Holdings, Inc.’s notes declined amid news that the company is seeking a bankruptcy loan of up to $1.5 billion.
The 6¼% senior notes due 2022 dropped by 1½ points to close at 38¾ bid. The 5½% senior notes due 2024 lost 2½ points to close at 40½ bid.
After the close on Thursday, news broke that the Estero, Fla.-based car rental company is looking for a bankruptcy loan to fund the process.
Hertz is in conversations with existing creditors and outside investors for a loan of $1.1 billion to $1.5 billion.
In May, Hertz filed for Chapter 11 bankruptcy after the coronavirus pandemic essentially shut down travel worldwide.
Meanwhile, American Airlines Group Inc.’s issues varied in direction after warning of thousands of employee layoffs by the Fort Worth-based airline if federal aid legislation does not pass.
The 11¾% senior notes due 2025 shaved off ½ point to close at 96½ bid. The 5% senior notes due 2022 gained 2 points to close at 65½ bid.
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