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

On July 24, 2025, affiliates of Pentwater Capital Management, LP and Discovery Capital Management, LLC completed the second step in a two-phase transaction involving their debt holdings in Muvico, LLC, a wholly-owned subsidiary of AMC Entertainment Holdings, Inc.

In Phase I, the Holders exchanged approximately $143 million of secured, exchangeable Muvico notes for 79,800,000 shares of AMC common stock. In Phase II, the Holders exchanged an additional $194 million of Muvico notes for a like amount of new Senior Secured Exchangeable Notes due 2030.

In connection with these exchanges, AMC and Muvico also obtained approximately $240 million in new secured financing, exchanged existing AMC notes held by third parties for new Muvico notes, and entered into a settlement and mutual release agreement with respect to a pending action previously brought by such parties with regard to prior transactions among AMC, Muvico, Pentwater and Discovery.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Pentwater Capital Management, LP and Discovery Capital Management, LLC.