Guitar Center restructures

The distressed digest for the week ending Nov 22 2020.


1 min read
Guitar Center restructures

Distressed Digest

November 22th 2020

Currently tracking 177 credits

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.

https://docs.google.com/spreadsheets/d/17CE82ulzQX9KuRBMBeWXdyyx6LSjXqdaTepEc27A-8s/edit#gid=1148751060

Leaders

Laggards

Weekly Highlights

I skipped pricing the distressed watchlist last weekend but I am kind of glad I did. Seeing movements bi-weekly instead of weekly can show some larger trends.

AMC Entertainment (AMC)
AMC bonds continue to rally off their all-time lows hit earlier this month. The first lien notes are now back at 75 yielding 19.2%.

Guitar Center (GTRC)
As expected, the company filed for bankruptcy over this past weekend. The majority of debt will be reorganized into equity.
https://www.reuters.com/article/us-guitar-center-bankruptcy/u-s-retailer-guitar-center-files-for-bankruptcy-idUSKBN282058

GTT Communications (GTT)
The company's equity and bonds have headed lower this month as the company seeks a short-term financing until their infrastructure unit sale is completed. The GTT 7.875% notes traded down to 33 yielding 43.4%.

https://www.datacenterknowledge.com/business/gtt-seeks-loan-steady-finances-until-data-center-and-fiber-sale


Written By
Rich Meatto

Co-founder of Koyfin. Former distressed high-yield trader now creating, designing, and developing a financial platform you desire. During my trading days, I would share a daily distressed digest with clients containing trading color and news. I share them with everyone in my spare time. Feel free to follow me on Twitter and my DMs are always open.