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