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AMC notes gain as more theaters reopen; American Airlines notes on the move in secondary
By James McCandless
San Antonio, Sept. 3 – The distressed debt market’s attention toward entertainment and travel names carried over from the previous day.
AMC Entertainment Holdings, Inc.’s notes continued to gain ground as it reopens a large portion of its movie theaters.
The 12% notes due 2026 reached up 1¼ points to close at 40¾ bid. The 10½% notes due 2025 improved by 1¼ points to close at 92 bid.
About $17 million of the 2026 notes were on the tape by the end of the session.
Thursday marked the ninth straight day of gains for the 2025 notes.
The company’s structure continues to receive heightened attention this week after the theater operator announced that it would reopen 70% of its movie theaters by Thursday.
The push involves 140 locations across the country.
Meanwhile, in the travel space, American Airlines Group Inc.’s issues varied in direction as the market saw optimism for the industry.
The 5% senior notes due 2022 shed 2 points to close at 65¾ bid. The 11¾ senior notes due 2025 rose 1¾ points to close at 99½ bid.
The market saw optimism in the Fort Worth-based airline and others in the sector as data from U.S. travel authorities continues to show slow growth in passenger travel.
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