AMC Entertainment Holdings, Inc. presents a deeply negative liquidation posture as of March 31, 2026. Applying standard liquidation haircuts to reported assets and holding liabilities at face value produces a recovery deficit well in excess of $8.5B, consistent with MFFAIS CLV/LLV estimates of approximately negative $8.5B to negative $8.7B. Total reported assets of $7.68B are dominated by three categories that receive zero or near-zero liquidation value: goodwill of $2.39B (zero recovery), operating lease ROU assets of $3.04B (zero recovery under ASC 842 liquidation—the ROU asset extinguishes but the lease liability does not), and intangibles net of $146M (zero recovery). Net PP&E of $1.32B carries gross accumulated depreciation of $3.57B against gross cost, suggesting meaningful age in the asset base; at a 50-60% haircut, liquidation recovery on PP&E is approximately $660M-$795M. Cash and restricted cash of $381M recovers at par. Receivables of $103M recover at 90-95%, approximately $93M-$98M. Other current assets of $99M and other long-term assets of $199M are largely non-recoverable in distress. Total estimated liquidation asset recovery: approximately $1.2B-$1.3B. On the liability side, total liabilities of $9.61B stand at face value. The largest components are: operating lease liabilities (current plus noncurrent) of $3.92B, corporate borrowings (current plus noncurrent) of $3.96B, deferred revenues of $447M (gift cards and loyalty obligations do not extinguish at liquidation under most frameworks), the exhibitor services agreement liability of $458M, accrued expenses of $359M, and accounts payable of $274M. The undiscounted operating lease payment stream of $5.69B dwarfs the discounted on-balance-sheet liability of $3.92B, confirming that a liquidation settlement of theatre leases would face substantial claims from landlords. The company burned $128.5M in operating cash in Q1 2026, with the AMCEH restricted group alone consuming $138.7M. The quarterly ATM equity raise of $63.4M and Hycroft sale proceeds of $29.7M partially offset outflows but are insufficient to reverse cash burn trajectory. Cash and restricted cash declined $96.4M in the quarter from $477.3M to $380.9M. PIK interest of $15.4M on the Muvico New 2029 Notes accretes the principal balance without consuming cash but increases face-value claims in liquidation. The filing discusses the New Term Loans ($1.99B outstanding at 10.675%), New 2029 Notes ($877M at 15%), New Exchangeable Notes ($155.8M), Existing Exchangeable Notes ($111.6M), Existing 7.5% Notes ($360M), Odeon Notes ($400M), and Senior Subordinated Notes due 2027 ($125.5M) in MD&A but the aggregate face-value corporate debt of $4.02B per the DebtInstrumentCarryingAmount tag (before discount/fees) is what stands in liquidation. Goodwill of $2.39B against accumulated impairment of $2.34B on a gross base of $4.73B signals prior impairments have already consumed most of the legacy acquisition premium, but no residual value is recoverable in liquidation. Accumulated deficit of $9.10B and book stockholders' deficit of negative $1.93B are directionally consistent with but understate the liquidation shortfall because book value credits ROU assets and goodwill at carrying amounts.
▼ Community Notes