- In an October 31, 2022 article, Reuters reports that the movie theater chain Cineworld Group has reached a settlement with its landlords and lenders through which Cineworld has agreed to pay at least $20 million in rent that will accrue after September 30, 2022. Cineworld Group, which operates close to 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 stated that the agreement was “pretty amazing” given how far apart Cineworld and its landlords and creditors were on the issue at the outset of the case. [Reuters; Oct. 31, 2022]
- Reporting from Bloomberg indicates that distress is growing in the U.S. corporate bond market. During the last full week of October 2022, the amount of dollar-denominated bonds and loans trading at distress levels reached $271.3 billion, the largest volume since September 2020, and representing the fifth straight week of growth. [Bloomberg; Oct. 28, 2022]
- The Wall Street Journal reports that Core Scientific Inc., which is one of the largest bitcoin miners in the world, has engaged restructuring advisors in recent weeks, continuing a trend of restructuring activity in the crypto industry. Core Scientific stated that it would 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]