Three C’s: Industries in Distress

Reorg delivers real-time news, commentary, and analysis on the high-yield and distressed debt market. Current highlights within the distressed debt space come down to the letter “C”, covering the cryptocurrency, cinema, and cruise industries.

Crypto: This week remained an active week for cryptocurrency bankruptcies. FTX continued to make headlines as the office of the US trustee appointed an examiner to investigate FTX’s “corporate failures” and “misuse of customer funds.” In addition, BlockFi joined FTX, Voyager, and Celsius by filing for bankruptcy earlier this week.

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Cinemas: Major names in the world of cinema remain in distress across the world. M&A speculation for U.K.-based Cineworld continues, but does not appear imminent. U.S. theater chain AMC continues liquidity has also continued to decline, according to recent Reorg financial analysis.

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Cruises: Rounding out developments within discretionary consumer spending is the cruise industry. Cruise lines such as Royal Caribbean and Carnival hope for higher 2023 bookings and prepare to make principal payments on debt, respectively.

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