DISTRESSED DAILY: Coronavirus Worries Stop Gogo’s Bond Rally

Coronavirus travel fears have halted and reversed a rally for Gogo Inc., sending bonds of the in-flight WiFi provider into distressed territory.

• The company’s 6% convertible notes due 2022 hit all-time lows last week, falling toward 80 cents on the dollar compared to a high close to 130 cents in September. The drop probably has something to do with its shares also trading for less than $3 on Friday, down from a recent high of more than $7.
  • Global Eagle Entertainment Inc., another airline WiFi provider, has also lost value in debt and equity markets since the coronavirus ...