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AMC notes slip; Frontier, Mallinckrodt distressed paper gains; Weatherford improves
By Cristal Cody
Tupelo, Miss., Feb. 4 – AMC Entertainment Holdings, Inc.’s distressed bonds unwound some of Wednesday’s gains in heavy trading on Thursday.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) slipped 3½ points to 65 bid, a source said.
The bonds had recovered 4¾ points to trade at 68¼ bid on Wednesday after softening 9¾ points on Tuesday.
The company’s notes rallied over the prior week after AMC announced additional funding raised.
In bankrupt names active in the secondary market on Thursday, Frontier Communications Corp.’s 7 5/8% notes due 2024 saw strong trading volume at 53¾ bid, a source said.
The notes were last seen in heavy supply on Tuesday at 52¼ bid.
Separately, pharmaceuticals maker Mallinckrodt plc’s 5 5/8% notes due 2023 were quoted at 47½ bid in heavy secondary trading on Thursday, up from where the notes started the week at 41 bid, a source said.
In a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware, Mallinckrodt said it has reached an agreement with restructuring support agreement parties to pursue a plan of reorganization.
Oil and gas company Weatherford International plc’s 11% senior notes due 2024 (B3/CCC) continued to improve on Thursday, trading at 92¾ bid. The notes rose 4 1/8 points on Wednesday to 92 5/8 bid.
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