AMC notes higher after settlement hearing set; Staples better; Grubhub bonds decline

By Cristal Cody

Tupelo, Miss., June 22 – Paper from AMC Entertainment Holdings, Inc. topped secondary trading action in the junk and distressed markets on Thursday after the company received notice that a settlement hearing over the company’s issuance of preferred stock will be held by the end of the month.

AMC Entertainment’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rallied 2 1/8 points to 72 1/8 bid on close to $30 million of volume, a source said.

The notes were down 1 point on Wednesday.

AMC’s common stock declined nearly 8%, while its preferred shares climbed over 7% on Thursday.

Bonds from Staples Inc. turned positive and gained about 1¾ points to 1 7/8 points in strong trading totaling more than $23 million over the session, a source said.

Staples’ 10¾% senior notes due 2027 (Caa2/CCC+) recovered 1¾ points after declining 4¼ points on Wednesday.

The bonds were quoted at 57 1/8 bid on $11 million of trading action.

In other trading on Thursday, Grubhub Holdings Inc.’s 5½% senior notes due 2027 (B3/B-) were trading 1½ points lower in the distressed space at a quote of 60 bid, a source said.

The issue saw $4.2 million of trading volume.

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