What we read this week [November 1, 2022] – Insolvency/Bankruptcy

To print this article, all you need to do is be registered or log in to Mondaq.com.

  • In an article from October 31, 2022, Reuters reports that theater chain Cineworld Group has reached an agreement with its landlords and lenders whereby Cineworld has agreed to pay at least $20 million in rent that will accrue after September 30, 2022. Cineworld Group, which operates nearly 800 movie theaters in ten countries, filed its Chapter 11 case in the Southern District of Texas Bankruptcy Court in September 2022, and the case is currently pending before Judge Marvin Isgur. Following the announcement of the settlement, Judge Isgur said the deal was “pretty astonishing” given the distance between Cineworld and its owners and creditors on the issue at the start of the case. [Reuters; Oct. 31, 2022]
  • Report of Bloomberg indicates that distress is growing in the US corporate bond market. In the last full week of October 2022, the amount of dollar-denominated bonds and loans trading at distressed levels reached $271.3 billion, the largest volume since September 2020, and representing the fifth consecutive week of growth.
    [Bloomberg; Oct. 28, 2022]
  • The the wall street journal reports that Core Scientific Inc., which is one of the largest bitcoin miners in the world, has hired restructuring advisers in recent weeks, continuing a trend of restructuring activity in the crypto industry. Core Scientific said it will miss upcoming debt payments due to ongoing legal disputes with crypto lender Celsius Network LLC, which Core Scientific said has impacted its performance and liquidity. [WSJ; Oct. 27, 2022]

Visit us at mayerbrown.com

Mayer Brown is a global provider of legal services comprised of law firms that are separate entities (the “Mayer Brown Firms”). The Mayer Brown firms are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, two limited liability companies established in Illinois in the United States; Mayer Brown International LLP, a limited liability company incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales under number OC 303359); Mayer Brown, a SELAS based in France; Mayer Brown JSM, a partnership of Hong Kong and its associated entities in Asia; and Tauil & Checker Advogados, a Brazilian legal partnership with which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are registered trademarks of Mayer Brown law firms in their respective jurisdictions.

© Copyright 2020. Mayer Brown Practices. All rights reserved.

This article by Mayer Brown provides information and commentary on interesting legal issues and developments. The foregoing is not a complete treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action regarding the matters discussed here.

POPULAR ARTICLES ON: Insolvency/Bankruptcy/Restructuring from the United States

What we read this week [October 14, 2022]

Mayer Brown

On October 12, Bloomberg announced that Alex Jones would join his bankrupt media production company, Free Speech Systems, in a court-supervised settlement with the families of Sandy Hook…

Bankruptcy and environmental law

bracewell

On this episode of the Environmental Law Monitor, host Daniel Pope is joined by Washington, DC partner Jason Hutt and their new colleague Steven Cook, who was recently with…

Comments are closed.