AMC Entertainment says that it will avoid bankruptcy after raising $917 million in rescue funding this past December.
AMC Theatres executives now believe they have a new “financial runway” that extends “deep into 2021. “This means that any talk of an imminent bankruptcy for AMC is completely off the table,” AMC CEO Adam Aron said in a press release.
“Today, the sun is shining on AMC," claimed the chain's CEO. "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 proud to announce today that over the past six weeks AMC has raised an additional $917 million capital infusion to bolster and solidify our liquidity and financial position. This means that any talk of an imminent bankruptcy for AMC is completely off the table.”
AMC also expressed optimism in the fact that enough people will get the COVID vaccination in a reasonable timeframe to help the attendance in the months to come.
“Looking ahead, for AMC to succeed over the medium term, we are going to need for much of the general public in the U.S. and abroad to be vaccinated,” Aron added. “To that end, we are grateful to the world’s medical communities for their heroic efforts to thwart the COVID virus. Similarly, we welcome the commitment by the new Biden administration and of other governments domestically and internationally to a broad-based vaccination program.”
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