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Annelise Capossela/Axios

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

Go deeper

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?

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

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