Frontier notes improve after announced CEO change; AMC declines in theater sector

By James McCandless

San Antonio, Dec. 15 – As the Tuesday session in the distressed debt market came to a close, telecom and entertainment names were in focus.

Frontier Communications Corp.’s notes were higher after the company announced a change to its executive team.

The 10½% senior notes due 2022 moved up 1 point to close at 49¾ bid. The 11% senior notes due 2025 rose 1¼ points.

Before the market opened on Tuesday, the Norwalk, Conn.-based wireline communications company announced that the company has selected telecom executive Nick Jeffery as its new president and chief executive officer.

Jeffery will take over the roles from the departing Bernie Han, who will step down on March 1.

Most recently, Jeffery was the CEO of Vodaphone UK.

In the theater space, AMC Entertainment Holdings, Inc.’s paper was lower as the company works to raise capital.

The 12% notes due 2026 fell 1 point to close at 23 bid. The 6 1/8% senior subordinated notes due 2027 declined by 3 points to close at 14 bid.

The Leawood, Kan.-based movie theater name continued to see elevated pressure after reports indicated that it is being pushed by some lenders to file for Chapter 11 bankruptcy.

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