AMC Theatres, the world’s largest cinema chain, has raised $917 million in new equity and debt capital.
“This increased liquidity should allow the company to make it through this” the company said, adding that its “financial runway has been extended deep into 2021.”
AMC says that it will continue to make negotiate with theater landlords about the amounts and timing of owed theater lease payments. They’re hopeful that the ongoing vaccination push will result in better attendance in 2021.
AMC CEO and president, Adam Aron, said: “Today, the sun is shining on AMC. After securing more than $1 billion of cash between April and November of 2020, through equity and debt raises along with a modest amount of asset sales, we are proud to announce today that over the past six weeks AMC has raised an additional $917 million capital infusion to bolster and solidify our liquidity and financial position. This means that any talk of an imminent bankruptcy for AMC is completely off the table.”