Hertz mostly softens; CBL higher; Peabody rallies; Consol dips; AMC up in heavy volume

By Cristal Cody

Tupelo, Miss., June 2 – Hertz Corp.’s paper headed out mixed on Wednesday following objections to the company’s Chapter 11 bankruptcy plan from a second-lien note trustee and second-lien noteholders.

Hertz’s 5½% notes due 2024 fell 1¾ points to 103¾ bid on more than $2 million of issues traded.

Bankrupt real estate investment trust CBL & Associates LP’s bonds remained better following the company’s reported April net loss, a source said.

CBL’s 5¼% notes due 2023 rose 1 point to 55 bid.

Elsewhere, Peabody Energy Corp.’s 6 3/8% notes due 2025 (Caa1/CCC) added 1 3/8 points to head out at 60 bid, a source said.

Consol Energy Inc.’s 11% second-lien notes due 2025 (Caa1/CCC) traded less than ¼ point weaker at 98 bid.

In the distressed oil and gas space, Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC) gained nearly 2 points in thin trading to 82 bid, a source said.

Nabors Industries Ltd.’s 7½% senior notes due 2028 (Caa1/CCC-/B) were nearly 1½ points higher at 90 bid on more than $2.4 million of trading supply.

Elsewhere, AMC Entertainment Holdings, Inc.’s bonds improved in heavy trading action, a source said.

AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) rose ½ point to 97½ bid on nearly $25 million of trading volume.

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