Cinemex Holdings USA Inc.

April 25, 2020

Mexican-owned and Florida-based Cinemex Holdings USA Inc., which owns 41 CMX cinema locations in 12 states filed for bankruptcy in the Southern District of Florida. The company is owned by German Larre, Mexico’s third-richest man. The company blames COVID-19 and the lack of clarity as to when things will return to normal for the need to file. The company previously walked from a planned merger with Star Cinema Grill over coronavirus concerns and is now embroiled in litigation initiated by Star Cinema Grill’s owner, Omar Kahn. It seems pretty apparent that the courts are going to be littered with litigation deriving from COVID-related deal blowups.

• Jurisdiction: S.D. of Florida (Judge Isicoff)

• Capital Structure: $9mm unsecured loan (BBVA, HSBC, Scotiabank, SAB Capital, Banco Santander)

• Professionals:

  • Legal: Quinn Emanuel Urquhart & Sullivan LLP & Bast Amron LLP (Jeffrey Bast)