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AMC notes boosted on theater reopenings; United Airlines eyed as furloughs outlined
By James McCandless
San Antonio, Sept. 2 – Entertainment and travel names, two sectors that have been among the hardest hit during the pandemic, remained in the distressed debt spotlight on Wednesday.
AMC Entertainment Holdings, Inc.’s notes were boosted as the company prepares to have 70% of its locations open this week.
The 12% notes due 2026 gained 2½ points to close at 39½ bid. The 10½% notes due 2025 tacked on 2½ points to close at 90¾ bid.
About $38 million of the two notes combined changed hands.
Toward the end of the day on Tuesday, the Leawood, Kan.-based movie theater operator announced that it expects to have 70% of its locations open by Thursday.
About 140 theaters are expected to be operational.
After an extended period of closures and lost revenues during the coronavirus pandemic, the company has been reopening locations throughout August.
“Everything depends on getting Covid under control,” a trader said. “But they need to make some money. They can’t just keep limping along.”
Elsewhere, United Airlines Holdings, Inc.’s issues varied after outlining thousands of furloughs it expects to make if federal aid is not renewed.
The 5% senior notes due 2024 fell 1 point to close at 90½ bid. The 4¼% senior notes due 2022 rose 2 points to close at 94 bid.
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