AMC Theatres staves off bankruptcy just in time for studios to delay their films all over again
AMC Theatres has raised nearly $1 billion in funding since December 14th, staving off bankruptcy for several more months, the company announced today. The announcement comes just days after several major studios, including Paramount, Sony, and Disney’s Fox, all delayed many of their films to the latter half of the year.
In total, AMC raised $917 million, according to public documents. More than half of that capital arrives in the form of equity that comes with selling 164.7 million new common shares. AMC raised another $411 million in incremental debt that is scheduled to be paid off by mid-2023, according to the filing. As such, AMC Theatres executives now believe they have a new “financial runway” that extends “deep into 2021.”