TPC jumps after bankruptcy filing; Bausch mixed post downgrade; AMC, Bed Bath fall

By Abigail W. Adams

Portland, Me., June 1 – Distressed credits were active on Wednesday as the broader market gave back gains from the strong rally the previous week.

TPC Group Inc. was in focus with its 10½% senior secured notes due 2024 (Caa3/D) jumping double digits after the petrochemical company filed for bankruptcy.

Bausch Health Cos. Inc.’s capital structure continued to see heavy volume with its senior notes mixed after a ratings downgrade.

The rally in distressed retail, leisure and entertainment names came to a halt on Wednesday with AMC Entertainment Holdings, Inc.’s senior notes and Bed Bath & Beyond Inc.’s 5.165% senior notes due 2044 (B3/B+) leading losses in the secondary space.

TPC Group’s 10½% senior secured notes due 2024 were in focus on Wednesday as the company became the 21st to file for Chapter 11 bankruptcy protection in 2022.

The 10½% notes jumped 15 points to close Wednesday at 52½, according to a market source.

The notes saw heavy volume with $13 million on the tape heading into the market close.

The petrochemical company’s 10 7/8% senior secured notes due 2024 were unchanged with the notes remaining around par, a source said.

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