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Revlon gains as lender dispute continues; American Airlines eyed amid service changes
By James McCandless
San Antonio, Aug. 21 – Distressed debt in the retail and travel sectors saw traction in the secondary market on Friday.
Revlon, Inc.’s notes gained as another lender of the company was sued by Citigroup to recover mistakenly distributed funds.
The 5¾% senior notes due 2021 tacked on ¼ point to close at 21¾ bid. The 6¼% senior notes due 2024 rose 6¾ points to close at 16¾ bid.
Early Friday, news broke that Citibank has filed a third lawsuit against the New York-based cosmetics producer’s lenders to recoup hundreds of millions of dollars in funds.
The bank has said that it accidentally distributed $900 million to the company’s lenders in a clerical error.
In the travel space, American Airlines Group Inc.’s paper diverged after announcing several cuts to its flight schedule.
The 5% senior notes due 2022 lost 1½ points to close at 63½ bid. The 3¾% senior notes due 2025 reached up 2 points to close at 47½ bid.
On Thursday, the Fort Worth-based air traveler announced that it would suspend flights to 15 U.S. airports as a result of persistent low travel demand.
The suspensions take effect in October, effecting more than 700 flights.
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