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AMC notes decline as industry sees closures; American Airlines eyed amid aid talks
By James McCandless
San Antonio, Oct. 5 – Kicking off a new week in the distressed debt market, entertainment and transportation names were front and center.
AMC Entertainment Holdings, Inc.’s notes took a dive as an industry peer announced the closure of its U.S. theater locations.
The 10½% notes due 2025 declined by 9¾ points to close at 67¼ bid. The 12% notes due 2026 lost 11¼ points to close at 17¾ bid.
The Leawood, Kan.-based movie theater operator’s structure was under pressure after industry peer Cineworld announced that it would temporarily close its 536 Regal theater locations.
Also, 128 locations in the U.K. have been slated for closure.
“People are staying out of the theaters,” a trader said.
Meanwhile, in transportation, American Airlines Group, Inc.’s issues varied in direction as the government negotiates a second round of payroll aid.
The 5% senior notes due 2022 held level to close at 71 bid. The 11¾% senior notes due 2025 tacked on 2¾ points to close at 99¾ bid.
During the Monday session, the Fort Worth-based airline’s structure remained in focus as the federal government tries to negotiate a second round of stimulus for the industry.
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