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AMC Entertainment (NYSE: AMC) is nearing a restructuring deal that would let it avoid bankruptcy, per the Wall Street Journal.

Why it matters: AMC is the country's largest cinema chain, last year serving more than 250 million U.S. attendees, but its screens have been dark since the pandemic began.

  • More movies: AMC and other theater owners yesterday sued New Jersey's governor for blocking them from reopening. In Canada, Cineplex said it plans to raise C$275 million in new debt, as it continues a legal battle over its failed takeover by Cineworld.

The bottom line: "The proposed deal would require bondholders [including Apollo Global Management] to provide a $200 million senior loan and to swap their unsecured claims at a discount for new, second-lien debt, people familiar with the matter said. Private equity firm Silver Lake, which has a representative on the company's board and owns $600 million of convertible bonds, would swap for first-lien debt." — Alexander Gladstone, WSJ

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Remington Arms files for bankruptcy for second time since 2018

A Remington shotguns display in Dallas. Photo: Justin Sullivan/Getty Images

Remington Arms Company filed for bankruptcy protection on Monday despite a recent surge in gun sales amid the coronavirus pandemic and anti-racism protests, per the Wall Street Journal.

Why it matters: The 204-year-old firm is considered America's oldest gun-maker. Its Chapter 11 filing in the U.S. Bankruptcy Court in Decatur, Alabama, marks the second time since 2018 that it's filed for bankruptcy. Remington was facing a wrongful death lawsuit from families of the 2012 Sandy Hook school shooting victims. The second bankruptcy filing was prompted by a "struggle to pay legal fees and the high interest payments on its debt," the New York Times notes.

Flashback: What happened to Remington?

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 20,158,258 — Total deaths: 738,063 — Total recoveries: 12,388,686Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,116,791 — Total deaths: 164,137 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season due to coronavirus.

Big Ten postpones fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten announced Tuesday that it has voted to postpone its 2020 fall sports season, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from one of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.