AMC gains investors, hopes to weather pandemic

26 Janvier, 2021, 15:40 | Auteur: Christine Menetries
  • View of a closed AMC movie theatre near Time Square

USA movie theater chain AMC announced Monday it had raised $917 million in funding since mid-December, allowing it to fend off bankruptcy for now as Covid-19 batters the film industry.

"So basically, if you think that at some point through vaccination and other means, infection and vaccination, a significant portion of the public will be allowed to and interested in returning to the theaters, that AMC makes a lot of sense because you can borrow money for very inexpensively and you can buy it at a ridiculously low price", Max Wolff, managing partner at Systematic Ventures said.

The news delighted investors, with shares soaring by up to 39 per cent on the NY stock exchange.

AMC raised $506 million from the sale of 164.7 million new common shares, and secured $411 million in incremental debt that is in place through mid-2023, according to the statement. AMC, which was acquired by China's Dalian Wanda Group in 2012, raised more than $1 billion from April through November.

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"Today, the sun is shining on AMC.any talk of an imminent bankruptcy for AMC is completely off the table", AMC CEO Adam Aron said.

AMC, the world's largest theater operator with around 1,000 venues and 10,700 screens globally, has kept many of its theaters open in the United States despite the acceleration of the pandemic and a drop in ticket sales.

AMC has yet to release its 2020 full-year financial results but posted a net loss of $3.6 billion in the first nine months of the year.

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