AMC Entertainment Holdings Inc, the world's largest theater operator, said on Friday it had enough cash balance to withstand a global suspension of operations until a partial reopening in July, as the U.S. government plans to reopen the country's economy.
- AMC Entertainment Holdings Inc, the world’s largest theater operator, said on Friday it had enough cash balance to withstand a global suspension of operations until a partial reopening in July, as the U.S. government plans to reopen the country’s economy.
Movie theaters will be the first ones to reopen under U.S. President Donald Trump’s guidelines that call for reopening of businesses shut down by the new coronavirus in three stages. Thousands of theaters closed down last month and the National Association of Theatre Owners had called on the U.S. Congress and the Trump administration to provide emergency relief.allows theater operators to reopen under strict physical distancing protocols.
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AMC Entertainment's stock rockets after liquidity update, private debt offeringShares of AMC Entertainment Holding Inc. were vaulted 52% higher in premarket trading Friday, after the movie theater operator said it believed it had enough liquidity to withstand suspension of operations until a partial reopening ahead of Thanksgiving. That comes after the company announced late Thursday that it commenced a private offering of $500 million of first lien notes due 2025. The company said it was currently generating effectively no revenue as all of its theaters have suspended operations through the end of June in response to the COVID-19 pandemic. Among measures the company has taken to preserve cash, AMC said it doesn't expect to continue dividend payments or make any share repurchases this year, is working with landlords to defer costs, has furloughed all domestic theater-level employees and many corporate-level employees and cut salaries. The stock has plunged 66.5% over the past three months through Thursday, while the S&P 500 has lost 15.9%.
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