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American Airlines notes head lower on travel worries; Hertz drops as CFO resigns
By James McCandless
San Antonio, Sept. 29 – The distressed debt space continued to focus on travel names as the industry continues to see strife.
American Airlines Group, Inc.’s notes lost ground after a travel trade association said it expected fewer people to fly through the rest of the year than expected.
The 5% senior notes due 2022 shed 1 point to close at 68 bid. The 11¾% senior notes due 2025 declined by ¼ point to close at 96¾ bid.
The airline industry, including the Fort Worth-based carrier, saw negative market sentiment after a travel trade association painted a worse-than-expected picture for the rest of the year in travel.
The International Air Transport Association announced that it now expects global traffic to be down 66% for the year.
Meanwhile, Hertz Global Holdings, Inc.’s paper was pushed lower following the resignation of the company’s chief executive officer.
The 6¼% senior paper due 2022 shaved off ¼ point to close at 45¾ bid. The 5½% senior notes due 2024 dipped ½ point to close at 46 bid.
At the close on Monday, the Estero, Fla.-based car rental company announced that CFO Eric Esper would step down.
Esper had been in the position for two months and was previously Hertz’s chief accounting officer.
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