AMC Entertainment Raises More than $900 million to Avoid Bankruptcy
Shares of AMC were up more than 20% on Monday after the company revealed that it had secured enough funding to remain open into much of 2021.
According to CNBC, around $500 million of this fundraising came from the issuance of new common shares and an investment deal with Mudrick Capital Management. The company has also executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit facility.
“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 said. “We welcome the commitment by the new Biden administration and of other governments domestically and internationally to a broad-based vaccination program.”
AMC is now weighing the possibility of re-opening at some point in Disney Springs, however, this may be largely dependent on when the studios actually release movies to screen. When AMC does reopen, guests can expect new COVID-19 safety measures and protocols to be implemented. This will include the electrostatic cleaning of seats for which the company announced a partnership with Clorox.
This is a story that we’ll continue to follow closely here at MickeyBlog so keep checking in with us for further news and updates.
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