Gulfport Energy notes sink after interest payment skipped; AMC trades actively, flat

By James McCandless

San Antonio, Oct. 19 – The distressed debt market began a new week focused on energy and entertainment names.

Gulfport Energy Corp.’s notes saw a dip after the company said that it would forego an interest payment.

The 6% senior notes due 2024 declined by 3 points to close at 59 bid. The 6 3/8% senior notes due 2025 gave up 2½ points to close at 59½ bid.

On Friday, the Oklahoma City-based independent oil and gas producer said that it would be skipping an interest payment on its 2024 notes.

The move triggered a 30-day grace period while the company negotiates with lenders, resulting in a forbearance agreement with certain creditors.

Elsewhere, theater operator AMC Entertainment Holdings, Inc.’s notes were active but unchanged as more locations are set to open.

The 12% notes due 2026, while moving up to 9¼ bid during the session, closed level at 9 bid.

Early Monday, the Leawood, Kan.-based movie theater chain announced that it would reopen its locations in New York state after governor Andrew Cuomo provided guidance for such an action over the weekend.

Last week, AMC said that unless it received a large liquidity injection it would run out of capital by the end of the year.

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