An Ad Hoc Group of Second Lien Noteholders in AMC’s $2.45 billion debt restructuring

On July 22, 2024, certain affiliates of Mudrick Capital Management, LP, Discovery Capital Management, LLC and Pentwater Capital Management, LP (collectively, the “Ad Hoc Group”) purchased approximately $414 million aggregate principal amount of new senior secured exchangeable second lien notes due 2030 from Muvico, LLC (“Muvico”), a wholly-owned unrestricted subsidiary of AMC Entertainment Holdings, Inc. (“AMC”), which notes are exchangeable into common shares of AMC, and sold a like amount of existing second lien notes of AMC to Muvico.  The Ad Hoc Group and certain existing first lien lenders of AMC also exchanged certain existing debt of AMC for a new $1.2 billion first lien term loan due 2029 under which AMC and Muvico are co-borrowers.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Ad Hoc Group.