CMX Cinemas files bankruptcy, second time in 5 years for theater chain
The decision was announced by Cinemex Holdings USA in a news release on Tuesday, July 1, with the company saying it would be looking to restructure its business operations.
According to the news release, the company is expected to emerge from bankruptcy in the third quarter of the 2025 fiscal year.
'CMX currently anticipates emerging from Subchapter V during the first part of the third quarter of 2025 and is confident that a comprehensive financial restructuring is in the best interests of CMX, its stakeholders, and business partners overall,' the release reads.
The company filed in the U.S. Bankruptcy Court for the Southern District of Florida, court records show.
'Business as usual' at CMX Cinemas locations
With a total of 28 locations across eight states, the dine-in movie theater chain said that it is 'business as usual' at all of its locations.
'CMX continues to welcome customers to its cinemas as usual, and this will not change during the Subchapter V proceedings,' the release continued. 'CMX expects employees will continue to receive their usual wages and benefits without interruption.'
CMX Cinemas are located in Alabama, Florida, Georgia, Illinois, Minnesota, North Carolina, Ohio and Virginia.
CMX Cinemas filed for bankruptcy amid COVID-19 pandemic
This recent filing comes as the owners of CMX Cinemas previously filed for Chapter 11 bankruptcy in April 2020 due to the COVID-19 pandemic. Fortunately, the company was able to successfully emerge from bankruptcy protection in December of that year.
The company's current listed assets are between $50 million and $100 million, with liabilities ranging from $1 million to $10 million, according to bankruptcy court documents.
Contributing: Samantha Neely/ Fort Myers News Press
Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at fernando.cervantes@gannett.com and follow him on X @fern_cerv_.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
9 myths about home equity: What homeowners often get wrong
Home equity sounds like a pretty straightforward concept: it's the portion of your home you truly own, free and clear of debt. However, when it comes to understanding concepts like how home equity grows, the differences between home equity products, or how much equity you can borrow against – people can get a lot of things wrong. As a Certified HELOC Specialist, I often field many questions from confused homeowners on everything about home equity, including what it is, how to tap into your home's value, how that may impact your primary mortgage and more. A quick scroll through social media or online forums reveals a lot of misinformation out there. To help cut through the noise, I'm using this Bankrate column to dispel nine myths and misconceptions about home equity and home equity borrowing – revealing the truth that every homeowner needs to know. Just because the value of your home is $500,000 doesn't mean you have $500,000 in equity. Home equity is based on your home's worth, but it's not the same thing. To figure out your home equity, you have to subtract your mortgage balance from the appraised value of your home. So, if your home is valued at $500,000, but you still owe $350,000, your equity stake is $150,000. Understanding this distinction is important, especially if you're considering borrowing against your equity or selling your home. 2. Myth: Home equity always grows over time Since the COVID pandemic, home prices and homeowner equity levels have soared to record highs. Some people assume that both will keep climbing — but as anyone who owned a home in 2008 can tell you, that's not always the case. Residential real estate values declined drastically during the Great Recession. In fact, millions of homeowners found themselves in negative equity: owing more on their mortgages than their homes were worth. Markets fluctuate and if home prices drop, so can your equity. Take what we're seeing in 2025. The median home prices hit an all-time high of $422,800 in May 2025, and the average mortgage-holding homeowner has $302,000 in accumulated home equity as of the first quarter of this year, according to Cotality. But the pace of home price growth is slowing. And as home price appreciation slows, so do equity stakes. In fact, that $302,000 represents a loss of more than $4,000 in equity over the past year. Not always. True, when you take out a mortgage, your home equity builds slowly at first as the early payments mostly cover your loan's interest. As time passes, a greater portion of the payment goes to principal, speeding up equity growth. This process is known as mortgage amortization. But not all paths to home equity growth involve the long game of paying down your mortgage. You can gain immediate equity by making a larger down payment or paying closing costs upfront instead of rolling them into the mortgage when you buy a home. Additionally, making extra payments towards your loan's principal can help you increase your housing stake faster. Home renovations can also boost your property value and, in turn, your equity. But remember, not all renovations offer the same return on investment (ROI). Some improvements, like kitchen or bathroom upgrades, tend to have a higher ROI than others. I've often heard the terms HELOCs (home equity lines of credit) and home equity loans used interchangeably when describing home equity borrowing. Yes, both are financing products that allow you to borrow against your home's value. Both also use your home as collateral, meaning you could lose it if you don't make payments on either of them. That's where most of the similarities end. A home equity loan gives you a lump sum at a fixed rate, keeping your payments stable for the life of the loan. In contrast, a HELOC is a revolving line of credit with a variable rate, meaning your monthly payments may fluctuate based on the amount you borrow and market conditions. The other differences? With a home equity loan, the interest is applied to the entire loan amount, but with a HELOC, interest is only charged on withdrawn funds. Mixing up the two and not fully understanding the differences can lead to some expensive surprises down the road. It's true that home equity loans and HELOCs often come with lower rates than personal loans or credit cards. But we must not confuse 'lower' with 'low.' In today's higher interest rate environment, they're not always the deal they once were. For example, as of July 2, HELOC rates were averaging just over 8.25 percent, and some ran as high as 12.50 percent, according to Bankrate's national survey of lenders. Home equity loan rates were similar, running as high as 10.47 percent. The exact rate you are offered depends on several factors, including the lender, the loan type, your credit score and even where you live. Some advertised rates also include discounts if you sign up for automatic payments or have a checking account with that lender. No matter what some TikTok influencers are saying, a HELOC is NOT like refinancing your mortgage. HELOCs and home equity loans are considered second mortgages, which means they're completely separate debt from your primary mortgage. Everything connected with that stays untouched, including its interest rate. The confusion may arise from another equity-tapping vehicle, the cash-out refinance. This refi involves replacing your original mortgage with a bigger one; you take the difference — which is based on your equity stake — as a cash payout. That means you start fresh with a new mortgage, rate and terms. Even if they miss HELOC or home equity loan payments, some homeowners assume that as long as they're paying their primary mortgage, their home is safe from foreclosure. They couldn't be more wrong. While HELOCs and home equity loans are second mortgages, they are still secured by your home. Regardless of whether your first mortgage is in good standing, the home equity lender has the right to start foreclosure proceedings if you are in default, which is 90 to 120 days of missed payments. In the event of a foreclosure, your primary lender does get paid first. But that doesn't stop the second lender from trying to recoup its share. Both lenders have a legal claim to your home, and if you're in default on the second mortgage, it can trigger a foreclosure that puts your home at risk. Just because you have a large percentage of equity in your home, doesn't mean you can borrow all of it. Most lenders won't let you go above 80 to 85 percent of your home's value when borrowing, also referred to as the loan-to-value (LTV) ratio. Put another way: You have to leave 15 to 20 percent of your ownership stake untouched. Limiting the amount you can borrow provides a cushion that protects both you and the lender if your home falls in value. How much equity you can borrow also depends on your mortgage balance. When computing that LTV, home equity lenders look at both the amount you want to borrow and your current mortgage debt. So if the LTV limit is 80 percent, and your mortgage balance makes up 50 percent of your home's value, you'll only be able to borrow 30 percent of the value, regardless of how much equity you have. That said, there are some lenders that allow you to borrow 90, 95 or even 100 percent of the equity in your home. But there's usually a trade-off: you will likely be charged a higher rate. You also have to meet certain requirements, like having a very strong credit score, a strong loan-to-value ratio, or borrowing within a specific loan amount range. The bottom line: While hundreds of thousands of dollars in equity might look like a big number on paper, it's not real cash in your pocket. Nor will all of it ever be. Even if you own your home entirely, usually you'll be required to leave around one-fifth of your equity untapped. A reverse mortgage is a loan that allows you to borrow against your home equity. But instead of you having to pay the bank, the bank pays you (hence, the name). Whether taken in installments or as a lump sum, the funds are tax-free (though not interest-free). It is true that you must be at least 62 years old to qualify for a Home Equity Conversion Mortgage (HECM), the most popular type of reverse mortgage, which is backed by the Federal Housing Administration. However, a HECM isn't the only option. Proprietary reverse mortgages are available for homeowners 55 and older. Offered by private lenders, these mortgages are not insured by the government. They are sometimes referred to as jumbo reverse mortgages because they allow homeowners to access larger amounts than the HECM limit, which is $1,209,750 in 2025. Designed for higher-valued homes, loans are typically available in amounts up to $4 million, though you have to meet specific home equity, income and credit score requirements. A home and its equity is the biggest asset many people will ever own. So it's important to understand how your equity works and how you can – and can't — use it. With all the confusing jargon, hard-sell ads, and questionable advice on social media, it's easy to get steered in the wrong direction. Always consult a professional financial advisor or lender before making any moves: They'll help you distinguish home equity fact from fiction. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
7 hours ago
- Business Upturn
Uncovered Long-Hidden U.S. Resource Reserve In Resurfaced Presentation from Former White House Advisor That Could Quietly Reshape Trump's Economic Playbook
Washington, D.C., July 04, 2025 (GLOBE NEWSWIRE) — As political debate intensifies over the cost and scale of President Trump's sweeping legislative proposal—referred to by insiders as the 'Big Beautiful Bill'—a released presentation by Jim Rickards suggests the U.S. government may already control the means to fund the majority of programs just like this internally. Rickards, a veteran advisor to the CIA and Treasury Department, points to a massive store of untapped wealth resting beneath federally owned land—assets that have remained restricted for decades, but may now be on the verge of being unlocked. 'This land… it's held on deposit across all 50 states,' Rickards explains. '$516 billion in the Salton Sea area of California… $3.1 trillion in Nome, Alaska. And $7.35 trillion in Midland, Texas…' The Untapped Engine of U.S. Growth According to the presentation, these lands contain key minerals and raw materials critical to the development of next-generation technology, infrastructure, and energy systems. And while their value has steadily grown, access has remained sealed off—until now. 'The nature of this 'trust' – as I call it – is such that politicians haven't been able to raid it… which has allowed it to grow untouched… for decades' . 'It's not some kind of government program like those COVID relief checks,' Rickards says. 'But it is a chance for the average American to become richer than they ever imagined'. Could This Be the Missing Piece in Trump's Fiscal Agenda? Although President Trump has not publicly linked these federal lands to his economic renewal efforts, Rickards believes they align perfectly with the spirit of the administration's goals: reduce dependence on foreign nations, revive American industry, and rebuild with domestic resources. 'Trump is re-opening our mineral-rich Federal Lands. And fast-tracking companies that could recover trillions of dollars' worth of resources, right here in America' . 'We have everything we need right under our feet… and now we may finally have the clearance to access it' . A Century-Old Resource, a 21st Century Solution Many of the resource zones outlined in the presentation have been trapped in bureaucratic limbo for decades: 'Resolution Copper Mine… sitting for 29 years' 'Pebble Mine… mothballed since 1990 'Thacker Pass Lithium Mine… stalled since 1978' Rickards contends that unlocking even a fraction of these projects could ease pressure on taxpayers and deliver the material resources needed for infrastructure, defense, and energy independence. 'We know exactly where these minerals are. We know they're worth trillions of dollars. And now—for the first time in half a century—we can go get them' . 'The Asset Is Already Ours' Unlike stimulus checks or bond-funded bailouts, Rickards emphasizes that this is not about redistribution—but reclamation. 'It's not earmarked for any specific individual,' he notes. 'I'm just trying to use terminology that will make the most sense to viewers'. 'This is different. Very different'. With major fiscal battles looming in Congress, the presentation offers a new way of thinking about national wealth—not as something to borrow, but something to unearth. About Jim Rickards Jim Rickards is a former advisor to the White House, CIA, Pentagon, and U.S. Treasury. He helped craft the Petrodollar Accord, has counseled top-level officials through multiple global financial threats, and is the New York Times bestselling author of seven books. He currently provides strategic insight on economic preparedness and national resilience. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
New York Post
9 hours ago
- New York Post
Air France-KLM to take majority stake in Scandinavian airline SAS
Air France-KLM plans to increase its stake in Scandinavian airline SAS to 60.5%, the latest step towards consolidating Europe's fragmented airline sector as carriers seek to strengthen their position against rivals. The Franco-Dutch airline group said on Friday it intended to increase its stake from 19.9% currently by acquiring the stakes held by top shareholders Castlelake and Lind Invest. The purchase, subject to regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said. Advertisement 3 Air France-KLM is looking to increase it's stake in Scandinavian carrier SAS to 60.5% from 19.9%. EPA The value of the investment would be determined at closing, based on SAS's latest financial performance, including core earnings and net debt, the company said. It declined to give details on those metrics. Air France-KLM expects to generate 'three-digit million' euros in synergies from raising its SAS stake, finance chief Steven Zaat told analysts on a call. Advertisement Zaat said the deal would be funded from cash or a 'plain vanilla bond' and would not impact the drive to reduce the group's hybrid debt. 'We have ample room for it,' he said. SAS welcomed Air France-KLM's announcement. 'European consolidation had to happen further, and we're very happy to be part of that,' SAS CEO Anko van der Werff told Danish broadcaster TV2. 3 The Danish government will keep its 26.4% stake in SAS and its seats on the board. REUTERS Advertisement 'In the current setup where Air France-KLM is a 19.9% shareholder, they're still a competitor,' he said. 'With the new stake, going above 50%, we can really tap into all of those synergies and offer those benefits to customers.' SAS said it would continue to invest in its fleet and network. In 2023, Air France-KLM said it would invest about $144.5 million for its initial SAS stake, boosting its presence in Sweden, Denmark and Norway with the option to become a controlling shareholder after a minimum of two years, subject to conditions. SAS exited from Chapter 11 bankruptcy protection in August 2024. Advertisement 3 Air France-KLM CEO Ben Smith. Bloomberg via Getty Images The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, Air France-KLM said in a statement. 'Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline's potential will continue to grow through deeper integration within the Air France-KLM Group,' said Air France-KLM CEO Ben Smith. The deal comes as executives seek more consolidation in Europe's fragmented airline industry, which they say is needed to compete with U.S. and Middle Eastern rivals. SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of 4.1 billion euros ($4.8 billion). Air France-KLM group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board.
