 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: AMC Strikes Debt Deal, Settles Bondholder Litigation
AMC Entertainment said Tuesday that the movie-theater chain has struck a set of agreements with creditors to obtain new financing, swap existing debt for a mix of new debt and equity securities, and settle litigation brought by a group of bondholders, WSJ Pro Bankruptcy reported. The company, whose stock price has sagged since hitting its peak during the pandemic-era “meme stock” phenomenon, said that certain bondholders have agreed to provide $223 million in new money financing to pay down maturities due next year, as well as exchange $590 million of their holdings into a new secured bond. READ MORE | | | | | SPONSORED CONTENTDefault Rate May Not Tell the Whole StoryThe expected increase in loan defaults in 2024 never materialized. But while corporate credit health appears strong on the surface, there are signs of potential weakness underneath. This article examines current trends to help you stay informed about silent loan defaults, private credit default trends, impacts on maturities, and more. DOWNLOAD THE ARTICLE | | ABI Website Revamp Taking Place July 3-7; Member Action Required
ABI is unveiling a completely redesigned website after the July 4th holiday. Please note that ABI’s website will be unavailable from Thursday, July 3, at 5:00 p.m. EDT until Monday, July 7, at 9:00 a.m. EDT. Our revamped website — combined with a simultaneous conversion to a new customer relationship management platform — will require all ABI members to create a new password to access the member portion of the website, including their member profile. Members will receive an email on July 7 with a link and instructions about how to change their password. Members can use their email and that new password to log into the new website. Click here for more information. | | |  | | Editor's Picks | | | | | Anne Wojcicki's Nonprofit Gets Court Approval to Buy 23andMe for $305 Million
Anne Wojcicki's bid to buy 23andMe, the genetic testing company she cofounded nearly 20 years ago, has received the court greenlight, the Associated Press reported. That means Wojcicki's nonprofit TTAM Research Institute will purchase “substantially all” of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months after 23andMe filed for chapter 11 bankruptcy — is set to officially close in the coming weeks. READ MORE | | Del Monte Foods Seeks Buyer as It Initiates U.S. Bankruptcy Proceedings
Del Monte Foods kicked off efforts to pursue a sale as it filed for chapter 11 protection in the U.S. yesterday under an agreement with certain key lenders, the company said in a statement, Reuters reported. The company has secured $912.5 million in financing to support itself through the proceedings, it said, adding that it intends to remain open and continue operations throughout the bankruptcy. READ MORE | | Diocese of Fresno files for Bankruptcy After Years of Clergy Sexual Abuse Claims
The Most Rev. Joseph V. Brennan of the Diocese of Fresno announced on July 1 that the Catholic Diocese has filed a voluntary petition for chapter 11 protection, the Visalia Times Delta reported. The filing was made more than a year after the diocese announced it would request the court-supervised reorganization. READ MORE
MORE NEWS BELOW | | | | |  | | Upcoming Events | | | | | ABI Midwest Regional Bankruptcy Seminar The Westin Cincinnati
August 12 | Cincinnati, Ohio | | ABI Southwest Bankruptcy Conference The Ritz-Carlton Bacara
August 25-27 | Santa Barbara, Calif. | | | | | ABI@NCBJ
ABI is honored to be hosting a reception at 4:30 p.m. on Thursday, Sept. 18, 2025, at NCBJ in Chicago, as well as educational sessions on Friday, Sept. 19. To register for the conference, please click here. At NCBJ, ABI also will be handing out the 2025 Judge William L. Norton Jr. Judicial Excellence Award. Nominations for that award will be accepted until July 15, 2025, and can be submitted at arin.berkson@thomsonreuters.com. | |  | | Daily Roundup | | | | | Dine-In Theatre Chain CMX Cinemas Files for Second Bankruptcy
Cinemex Holdings USA, the owner of CMX Cinemas movie theatres, filed for bankruptcy for the second time in five years, Bloomberg News reported. The Miami-based chain has estimated assets of between $100,001 to $500,000 with less than $50,000 in estimated liabilities, according to filings on Monday. In April, Bloomberg News reported the company had been weighing the possibility of selling assets or closing some of its 28 locations which include dine-in as well as Imax theatres. READ MORE | | Saks Is at a Crossroads, Facing Creditor and Vendor Unease
shadowing the company as it tries to shore up its finances, re-establish trust with suppliers and convince investors and consumers that a $2.7 billion deal to buy a longtime rival was worthwhile, the New York Times reported. Six months after Saks acquired Neiman Marcus, the combined company — Saks Global — is trying to assure bondholders that the tie-up they helped fund puts the luxury giant on firmer financial footing. READ MORE | | U.S. Startup Lyten to Take over Northvolt's Energy Storage Systems Factory in Poland
Silicon Valley startup Lyten will take full ownership of Northvolt Dwa ESS, Europe’s largest energy storage systems factory, in a move to expand its product line, the U.S. company said on Tuesday, Reuters reported. Northvolt filed for bankruptcy in March, one of Sweden's largest corporate failures, effectively ending Europe's best hope of developing a rival to challenge Chinese battery makers. It announced the factory's closure in November last year. READ MORE | | Job Openings Hit Highest Level Since November 2024
Job openings unexpectedly rose in May to hit the highest level since November 2024, according to government data released yesterday, YahooFinance.com reported. New data from the Bureau of Labor Statistics showed 7.76 million jobs open at the end of May, an increase from the 7.39 million seen the month prior. The April figure was revised higher by 4,000 openings. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.3 million openings in May. READ MORE | | U.S. Auto Sales Lose Steam After Tariff-Induced Shopping Spree
U.S. auto sales are losing momentum after a springtime surge fueled by shoppers racing to buy cars before President Donald Trump’s auto tariffs drove up prices, Bloomberg News reported. General Motors Co. said deliveries rose 7.3% in the second quarter, as industrywide demand cooled following a stronger-than-expected April and May. Ford Motor Co.’s second-quarter sales jumped 14%, helped by its employee-pricing-for-everyone discount program, though it saw the pace of growth moderate in June. READ MORE | | | | |
