American Airlines Joins Debt-Market Behemoths
By Matt Wirz – The Wall Street Journal
PennantPark Founder and Managing Partner Art Penn spoke with Matt Wirz of The Wall Street Journal for his article on American Airlines’ activity in the debt markets since the onset of the pandemic. American Airlines serves as an example of how private lenders can provide capital solutions to companies that were heavily impacted by last year’s shutdown, but Art noted that it’s also important for managers to consider that Covid-19 may affect travel-related businesses long-term value. “One of the key questions coming out of all this is, if you’re a travel-related business, will you ever be worth what you were pre-Covid or will you be worth, say, 70% of pre-Covid levels?” he said.