The ghost of bankruptcy recedes from the horizon of AMC Entertainment. The movie theater operator has raised $ 917 million in new money since December 14, 2020, which keeps it from that grim prospect. This amount includes $ 506 million in equity and $ 411 million in debt maturing in mid-2023. The group believes it has a backbone strong enough to hold up well in 2021, which is still marked by the Covid-19 pandemic and the restrictive measures that accompany it.
On Wall Street, the AMC action took off 37% to 4.8114 dollars. However, it still shows a drop of 26% year on year.
“Any discussion of an impending AMC bankruptcy is completely irrelevant,” said Adam Aron, CEO of AMC, who had already managed to secure more than $ 1 billion in funding between April and November 2020.
“For the CMA to be successful in the medium term, we need a large portion of the public in the United States and abroad to be vaccinated,” he added.
In the third quarter of 2020, the group recorded a net loss of 905.8 million dollars and recorded a turnover of 119.5 million dollars, down 91% year-on-year, still penalized by low attendance at cinemas.
As of September 30, 2020, it had reopened 467 of its theaters in the United States, representing approximately 78% of its theaters in the country, with a capacity limited from 20% to 40%, and 321 international theaters owned or franchised, representing 90% of its network.