Amentum Holdings, Inc. (AMTM) presents a deeply negative liquidation recovery posture under the balance-sheet liquidation lens, consistent with MFFAIS CLV of negative $5.6B and LLV/OLV of negative $2.1B. The asset side is dominated by goodwill ($5.70B) and finite-lived intangibles ($1.77B net), which receive zero recovery under liquidation assumptions. Together these two items represent approximately 68% of total assets of $11.17B and are the primary driver of negative equity recovery. Tangible asset base is thin: cash of $428M (100% recovery), receivables of $2.50B (90-95% recovery, roughly $2.25-$2.37B), contract assets of $999M (treated similarly to AR, ~$900-$950M recovery), PP&E of $105M (50-70% recovery, ~$53-$74M), and equity method investments of $216M (uncertain, likely discounted heavily in distress). Applying conservative haircuts, gross recoverable tangible asset value is approximately $3.9-$4.1B before any liabilities. Against this, the liability stack at face value is: current liabilities of $2.09B (accounts payable $832M, accrued compensation $618M, deferred revenue $180M, other current $421M, current debt $40M), plus long-term debt at face of $3.93B ($3.00B term loan prior to April 2026 amendment plus $1.00B senior notes at 7.250% due 2032, net carrying $3.89B), deferred tax liabilities $259M, other noncurrent liabilities $230M, and noncontrolling interest of $94M. Total liabilities at face exceed $6.47B, producing a liquidation shortfall to common equity of approximately negative $2.4-$2.6B on tangible assets alone, worsening to roughly negative $8.0-$8.2B inclusive of the zero-value intangible and goodwill base wiped against book equity of $4.61B. A material post-period event: on April 24, 2026, the company entered a first amendment to its credit facility establishing a new $1.40B Term Loan A (due April 2031) and converting the existing term loan into a $1.59B Term Loan B (due September 2031), while increasing the revolver by $150M to $1.00B. This restructuring did not reduce gross debt — total face amount of secured debt increases from approximately $2.99B to approximately $2.99B reconfigured, with net proceeds applied to refinance outstanding balance. The amendment is disclosed in narrative and in XBRL as a subsequent event. MARPA receivables sale program provides off-balance-sheet liquidity; the filing does not separately XBRL-tag amounts sold under MARPA in this period. Operating cash flow deteriorated from $167M to $89M six-month over six-month, driven by adverse working capital movements of $116M partially offset by improved cash earnings. The company carries a retained earnings deficit of $363M. No goodwill impairment charges were recorded in the period. Deferred tax liability of $259M survives liquidation at face, adding to the liability stack.
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