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Mallinckrodt notes rise after bankruptcy filing; AMC heads lower following cash warning
By James McCandless
San Antonio, Oct. 13 – Distressed debt trading focused on pharma and entertainment names on Tuesday.
Mallinckrodt plc’s notes spent the day on the rise a day after the company filed for Chapter 11 bankruptcy.
The 5 5/8% senior notes due 2023 tacked on 2 points to close at 40 bid. The 5¾% senior notes due 2022 rose 2½ points to close at 41 bid.
About $38 million of the two tranches combined were on the tape.
On Monday, the Staines-upon-Thames, England-based drug producer filed for Chapter 11 bankruptcy, Prospect News reported.
The company said it filed bankruptcy to modify its capital structure, including restructuring some debt, and resolve several billion dollars of “otherwise unmanageable potential legal liabilities.”
Elsewhere, theater chain AMC Entertainment Holdings, Inc.’s paper sank after warning that it would run out of cash at the end of the year barring a capital raise.
The 10½% notes due 2026 sank by 9¾ points to close at 64¼ bid. The 10½% paper due 2025 lost 2 points to close at 65½ bid.
Early Monday, the Leawood, Kan.-based movie theater chain said that it would face liquidity issues at the end of the year.
Movie theater name Cinemark Holdings, Inc.’s notes were also under pressure.
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