Chesapeake Energy, Transocean, Callon Petroleum, AMC gain; Frontier Communications flat

By Cristal Cody

Tupelo, Miss., Jan. 15 – Distressed issues from Chesapeake Energy Corp., Transocean Inc., Callon Petroleum Co., Wesco Aircraft Holdings, Inc. and AMC Entertainment Holdings, Inc. gained on Friday, while Frontier Communications Corp.’s bonds traded mostly flat.

Frontier Communications’ 11% notes due 2025 were steady at 54½ bid in light trading on Friday, a source said.

The company announced on Friday that it received approval from the Federal Communications Commission for its Chapter 11 bankruptcy restructuring.

The U.S. Bankruptcy Court for the Southern District of New York confirmed the company’s plan of reorganization in August. The company filed for bankruptcy on April 14, 2020.

Frontier expects to emerge from bankruptcy early this year and will have reduced its total outstanding debt by more than $10 billion.

In other distressed secondary trading, AMC’s bonds improved on Friday with the theater owner’s 10½% first-lien secured notes due 2025 (Caa2/CCC) quoted ½ point higher at 82½ bid.

Separately, Chesapeake Energy’s 11½% senior secured second-lien notes due 2025 rallied on Friday to 31¼ bid and traded as high as 33½ bid earlier in the day, a source said.

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