Hertz notes eyed as lease settlement approved; Scientific Games rises after Q2 results

By James McCandless

San Antonio, July 24 – Closing out another week, the distressed debt space fixated on travel names and earnings results.

Hertz Global Holdings, Inc.’s notes saw varying movements as its bankruptcy judge approved a recent deal struck with its creditors.

The 6¼% senior notes due 2022 were docked 1¼ points to close at 35 bid. The 5½% senior notes due 2024 added ½ point to close at 37 bid.

On Friday, the Estero, Fla.-based vehicle rental provider received court approval of a temporary resolution of disputes related to its lease rejection motion under which the company has agreed to pay $650 million owed under a master lease agreement, Prospect News reported.

Meanwhile, gaming name Scientific Games Corp.’s issues rose after releasing its earnings results for the second quarter.

The 7% senior notes due 2028 were lifted 1¼ points to close at 89½ bid. The 8 5/8% senior notes due 2025 tacked on ¼ point to close at 99¾ bid.

After the close on Thursday, the Las Vegas-based gambling company released its earnings report for the second quarter.

The company showed a loss per share of $2.15, worse than the analyst consensus estimate of a $1.89 per share loss.

Revenues surpassed analyst predictions at $539 million, representing a 36% decrease year over year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.