KTLA

AMC Theatres staves off bankruptcy thanks to cash infusion from investors

An AMC movie theater in Times Square remains closed during the coronavirus pandemic on May 3, 2020 in New York City. (Rob Kim/Getty Images)

Since the COVID-19 pandemic forced AMC Theatres to shut down its business in March, Hollywood and Wall Street speculated Chapter 11 bankruptcy was just around the corner for the world’s largest cinema operator.

For now, the beleaguered company can breathe, its CEO said.


AMC Chief Executive Adam Aron said in a statement Monday that “any talk of an imminent bankruptcy for AMC is completely off the table” after the company disclosed raising $917 million in fresh capital since December to sustain itself through the coronavirus crisis.

The company said it raised $506 million in equity by issuing 164.7 million new common shares and also executed commitment letters for $411 million in debt by refinancing a European revolving credit facility.

Read the full story at LATimes.com.