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ARTICLE · 10 DECEMBER 2020

What We're Reading This Week [December 7, 2020]

Mayer Brown
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Business Insider reports that AMC Theaters recently sought to raise up to $844 million through stock sales to improve its financial condition.

United StatesInsolvency/Bankruptcy/Re-Structuring
Sean Scott
Sean Scott
Aaron Gavant
Aaron Gavant
Alexander F. Berk
Alexander F. Berk
Samuel R. Rabuck
Samuel R. Rabuck
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Business Insider reports that AMC Theaters recently sought to raise up to $844 million through stock sales to improve its financial condition, which has been substantially weakened due to restrictions on indoor gatherings put in place in response to the COVID-19 pandemic. AMC's stock price took a major hit after Warner Bros. announced it would release its full 2021 movie slate on streaming service HBO Max. AMC reportedly indicated that it will likely need to pursue a strategic restructuring and/or bankruptcy if it fails to reach normalized revenue levels. [Business Insider; Dec. 4, 2020]

Reporting from Reuters shows employment in the U.S. passenger and cargo airline industry falling by roughly 29,000 workers through the month ending mid-October after government restrictions on layoffs expired on September 30, 2020.  Since March of this year, major airlines like United Airlines and Delta Air Lines have each reduced their workforces by approximately 32%.  Meanwhile,

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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