American Airlines notes eyed after Q2 results; AMC gains as theater reopenings delayed

By James McCandless

San Antonio, July 23 – During the Thursday distressed debt session, more focus was placed on travel-related names.

American Airlines Group Inc.’s notes varied in direction after releasing its earnings report for the second quarter.

The 5% senior notes due 2022 improved by 1 point to close at 58¾ bid. The 3¾% senior notes due 2025 dipped ½ point to close at 49½ bid.

On Thursday morning, the Fort Worth-based air carrier released its second-quarter earnings report, yielding mixed results.

The company showed a loss per share of $7.82, worse than what analysts were expecting at a $6.75 per share loss.

Revenues exceeded analyst predictions at $1.62 billion.

In the entertainment space, AMC Entertainment Holdings Inc.’s paper gained after the company delayed theater reopenings to August.

The 6 1/8% senior subordinated paper due 2027 tacked on 2¾ points to close at 29¾ bid.

The Leawood, Kan.-based movie theater chain announced on Thursday that it would delay the reopening of its locations to mid-to-late August.

The company had previously planned on reopening on July 30.

On Wednesday, lenders for AMC alleged that the company is in default after claiming the company did not provide adequate information on a debt swap.

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