Audacy notes lifted on bankruptcy filing; Qurate jumps; AMC Entertainment rebounds

By Abigail W. Adams

Portland, Me., Jan. 8 – It was a firm start to the week in the distressed debt space on Monday with the broader market strong after a rough start to the year.

Several names were lifted as buyers returned to the market, although volume remained thin.

Qurate Retail Inc.’s senior notes (Caa2/CCC-) jumped 4 to 6 points following an investors conference.

The 8¼% senior notes due 2030 jumped 4½ to 5 points.

The notes were changing hands in the 48½ to 49½ context heading into the market close, a source said.

Qurate’s 8½% senior notes due 2029 jumped 6 points to close the day wrapped around 51.

AMC Entertainment Holdings, Inc.’s senior notes were also on the mend after heavy selling late last week.

The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were largely unchanged in light volume with the notes remaining at 81 1/8, a source said.

However, the 7½% senior secured first-lien notes due 2029 (Caa1/B-) added 2 points. The notes traded up to 67 at the market close.

Bankruptcy news sparked activity in Audacy, Inc.’s 6½% senior secured second-lien notes due 2027, which added about 2 points although they continued to trade for pennies on the dollar.

They closed Monday in the 3 to 3 3/8 context, a source said.

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