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Cinemex Holdings USA

The firm served as counsel to the committee of unsecured creditors in the chapter 11 bankruptcy of Mexican-owned and Florida-based Cinemex Holdings USA, which operates CMX Cinemas and is among the largest theater chains in the U.S. with theaters in 12 states. The debtor filed for bankruptcy protection due to the COVID-19 pandemic’s impact on the exhibition sector, shortly after stopping its proposed acquisition of Texas theater chain Star Cinema Grill. With the firm’s assistance, the committee negotiated a reorganization plan pursuant to which, among other consideration, unsecured creditors will receive distributions from a special cash fund and payments under a new note based on a portion of the debtors’ future revenue.