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American Airlines notes vary as aid talks continue; AMC eyed on more theater openings
By James McCandless
San Antonio, Oct. 8 – Travel tranches continued to see high levels of attention in the distressed debt space.
American Airlines Group, Inc.’s notes varied as lawmakers continued to take positions on providing payroll aid to the industry.
The 5% senior notes due 2022 dropped ½ point to close at 70 bid. The 11¾% senior notes due 2025 moved up 3 points to close at 100¾ bid.
In the middle of Thursday’s activity, U.S. House speaker Nancy Pelosi, D.-Calif., said that federal payroll aid for the Fort Worth-based carrier and others in the space would only be passed if the measure was part of a broader stimulus package.
The company’s chief executive officer said in response that the legislation has broad bipartisan support but is stuck in “a frustrating process.”
Elsewhere, AMC Entertainment Holdings, Inc.’s paper diverged in direction as the company announced more theater openings.
The 10½% notes due 2025 picked up 1 point to close at 66½ bid. The 12% paper due 2026 shaved off ¾ point to close at 14½ bid.
On Thursday morning, the Leawood, Kan.-based movie theater operator announced that it would reopen an additional 14 locations in Washington state.
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