AMC notes weaken as lenders push for bankruptcy; American Airlines eyed in travel space

By James McCandless

San Antonio, Dec. 14 – As the week in the distressed debt space began, entertainment and travel names remained front and center.

AMC Entertainment Holdings, Inc.’s notes weakened amid reports that its lenders are pushing for a bankruptcy filing.

The 12% notes due 2026 shaved off ½ point to close at 24 bid. The 10½% notes due 2025 declined by 2 points to close at 69¼ bid.

Early Monday, reports indicated that the Leawood, Kan.-based movie theater chain is being urged by some of its lenders to file for Chapter 11 bankruptcy.

According to that reports, first-lien lenders are leading the charge on the effort while the company has said that second-lien holders are supporting its ongoing efforts to drum up capital.

Meanwhile, American Airlines Group Inc.’s paper diverged in direction amid news of the start of vaccine distribution in the United States.

The 5% senior notes due 2022 closed level at 87 bid. The 11¾% senior paper due 2025 was docked ¼ point to close at 114¼ bid.

The relative weakness in the Fort Worth-based commercial airline’s structure came despite headlines surrounding the beginnings of coronavirus vaccine distribution and administration in the United States over the weekend and into Monday.

© 2015 Prospect News.
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