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AMC Seeks More Cash to Avert Movie Theater Bankruptcy
Posted
December 11, 2020
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December 11, 2020
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0:50Now PlayingAMC Entertainment Holdings Inc. needs to raise at least $750 million to stay open and might go bankrupt if the effort doesn’t succeed.
The world’s largest movie-theater chain said in a filing Friday that without new financing, existing cash will be depleted as soon as next month. To remain viable through 2021, AMC is looking at selling more shares, financing from European sources and deals with debt holders including Mudrick Capital Management.
Current stockholders probably will be wiped out if AMC winds up in bankruptcy, the company said. Its shares fell as much as 3.9% after the disclosure; the stock fell 11 cents to $3.98 at 9:39 a.m. in New York.
Theater chains have been hard hit during the Covid-19 pandemic by government-mandated shutdowns, and then by the reluctance of moviegoers to risk attending. The problem has been compounded by movie studios delaying major releases that would attract more customers.
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