August 16th 2020
Currently tracking 228 credits from 135 companies.
If you wish to view the Distressed Watchlist within Google Sheets, please request access to it and I will shortly grant you access to it.
Leaders for the Week
Laggards for the Week
Ahern Rentals (AHERN 7.375 '23) traded lower by 6.50pts to 38.00, sliding back into the 30s for the first time in 6 weeks.
Golden Nugget (LNY 8.75 '25) traded higher by another 7pts this week to 67 yielding 19.1%. The sub bonds have now rebounded 14 points over the last weeks after hitting its 52-week low of 53.
AMC Entertainment (AMC) saw the remaining unexchanged sub notes trade down at 19.00 as the new cash/pik second lien notes traded around 29.
WeWork (WEWORK 7.875 '25) finally saw its bond rally after news broke that Softbank has provided additional secured financing of $1.1B bringing the company's cash levels to $4.1B. The unsecured notes ended the week lower by 2pts to 68.
Moss Creek Resource saw its capital structure significantly trade higher this week. ZPTAF 7.50 '26 traded up 9pts to 66 yielding 17.5% while the ZPTAF 10.5 '27 traded up 7pts to 68 yielding 19.1%.
Peabody Energy (BTU 6.00 '22) traded lower by 6pts to 55, hitting a fresh new low for the first lien notes. BTU stock is also down 70% YTD trading with a market capitalization of $270M.
Revlon Consumer Products (REV 5.75 '21) traded down another 6pts to 23 while the REV 6.25 '24 traded lower to 15, both hitting new lows.
Not Frequently traded GTT Communications (GTT 7.875 '24) unsecured notes traded down 16.5pts to 37.5 as the company failed to file its quarterly financials on time.
Fresh New Look for the Distressed Digest
Sorry, no featured article this week.
It has been over 3 months since starting the distressed digest and it was time for an upgrade. I hope everyone enjoys the new website as well as the new email newsletter going forward.