Theater behemoth AMC has narrowly avoided failure — a little miracle , really .
After revealing that it was very near theend of its cash reserveslate last twelvemonth , AMC announce today that it ’s managed to raise $ 917 million in newfangled investiture upper-case letter since halfway through December . The “ much - receive monies ” could help the U.S. ’s largest theatre chemical chain survive well into 2021 , the company articulate , and the company ’s chief executive officer and prexy Adam Aron declared that “ the sun is shine 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 majestic to announce today that over the past six weeks AMC has raised an extra $ 917 million capital infusion to bolster up and solidify our liquidity and fiscal position , ” Aron enounce in astatement . “ This means that any talk of an imminent failure for AMC is completely off the board . ”
Photo: Christian Petersen (Getty Images)
That ’s great for AMC in the immediate theater , but its long - terminal figure survival of the fittest still very much remains in question . The company said negotiations with its landlord about money owe will need to go smoothly , but the company also needs to check that it can get actual client back into its theaters . That will , harmonise to Aron , look heavily on covid-19 vaccinations — whichhave been slowto make their way to the American world .
“ front ahead , for AMC to bring home the bacon over the medium full term , we are going to need for much of the general populace in the U.S. and overseas to be vaccinated , ” Aron said . “ To that end , we are grateful to the Earth ’s medical communities for their expansive efforts to foil the COVID virus . Similarly , we welcome the dedication by the new Biden government activity and of other governments domestically and internationally to a broad - found inoculation syllabus . ”
at long last , AMC ’s cheery disposition about its financial standing bring in some pretty big Assumption about the willingness of folk music to even want to be in theaters this year — pronto available vaccination or otherwise . And if AMC is live on to survive this mess , it well desire they do .
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