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AMC Networks (AMC Global Media) · AMCX

PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLD

Recovery waterfall by scenario

ANALYST PROJECTION

Recovery value = MAX(going-concern value, liquidation value) + cash, less administrative costs, then distributed by seniority (strict absolute priority; equal ranks pari passu). Going concern = distressed EV/EBITDA multiple × EBITDA at the valuation event; liquidation = asset base × (1 − decline) × liquidation recovery. Valuation event = the payment-default period, or — if no default is modelled — a hypothetical default at the trough-EBITDA period (so protection is always measured). Specific liens are paid from their own collateral pool; any deficiency joins general creditors. Book value of program rights, receivables, PP&E and intangibles at 2026-06-30 (derived from the 10-Q balance sheet); liquidation recovery on that base is an analyst assumption (30%).

Base Case — LTM Jun-31E (hypothetical default at trough EBITDA; no default modelled)

Going concern

$1.3B

Liquidation

$736M

Recovery value = MAX (+ cash $599M)

$1.9B · going concern

Target tranche · LGD

100% recovery · 0% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$1.9B
Less: administrative / DIP costs			($74.1M)
10.50% Senior Secured Notes due 2032	1	$1.3B	$1.3B	100.0%	$0.0M	0.0%
Total claims		$1.3B	$1.3B		$0.0M
Equity (residual)			$428.2M	In the money

Downside — LTM Jun-31E (hypothetical default at trough EBITDA; no default modelled)

Going concern

$734M

Liquidation

$626M

Recovery value = MAX (+ cash $119M)

$852M · going concern

Target tranche · LGD

61% recovery · 39% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$852.3M
Less: administrative / DIP costs			($34.1M)
10.50% Senior Secured Notes due 2032	1	$1.3B	$818.3M	60.6%	$531.4M	39.4%
Total claims		$1.3B	$818.3M		$531.4M
Equity (residual)			$0.0M	Wiped out

Severe Downside — LTM Jun-29E (modelled payment default)

Going concern

$428M

Liquidation

$479M

Recovery value = MAX (+ cash $0M)

$479M · liquidation

Target tranche · LGD

34% recovery · 66% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$478.7M
Less: administrative / DIP costs			($19.1M)
10.50% Senior Secured Notes due 2032	1	$1.3B	$459.6M	34.1%	$890.0M	65.9%
4.25% Senior Notes due 2029	2	$6.4M	$0.0M	0.0%	$6.4M	100.0%
4.25% Convertible Senior Notes due 2029	2	$145.3M	$0.0M	0.0%	$145.3M	100.0%
Total claims		$1.5B	$459.6M		$1.0B
Equity (residual)			$0.0M	Wiped out

Recovery lab — change valuation assumptions and watch the waterfall re-allocate

Distressed EBITDA ($M)
Distressed multiple (x)
Asset base decline %
Liquidation recovery %
Admin costs %
Override value ($M)

Going-concern $372.0M vs liquidation $478.7M → recovery value = MAX = $478.7M (used: liquidation, $478.7M). Claims = current face value + 3 months accrued interest.

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$478.7M
Less: administrative / DIP costs			($19.1M)
10.50% Senior Secured Notes due 2032	1	$1.3B	$459.6M	34.1%	$890.0M	65.9%
4.25% Senior Notes due 2029	2	$279.6M	$0.0M	0.0%	$279.6M	100.0%
4.25% Convertible Senior Notes due 2029	2	$145.3M	$0.0M	0.0%	$145.3M	100.0%
Total claims		$1.8B	$459.6M		$1.3B
Equity (residual)			$0.0M	Wiped out