American Airlines notes higher after loan news; Cleveland-Cliffs better in steel space

By James McCandless

San Antonio, Sept. 28 – As the new week in the distressed market started, airlines and manufacturers saw much of the attention.

American Airlines Group, Inc.’s notes pushed higher after the company secured billions more in a loan from the federal government.

Sector peer United Airlines Holdings, Inc.’s issues varied.

Meanwhile, steel name Cleveland-Cliffs, Inc.’s paper ended in a better position after announcing the acquisition of a competitor.

Steelmaker United States Steel Corp.’s notes diverged.

In the telecom space, Frontier Communications Corp.’s issues saw mixed results as the company preps to sell $1.15 billion of secured notes.

Satellite operator Intelsat SA’s paper improved.

A positive day for oil futures led to gains for Occidental Petroleum Corp.’s and Transocean Ltd.’s notes while Antero Resources Corp.’s issues moved on separate tracks.

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