AMC CEO Adam Aron Says New Financing Deal Means Imminent Bankruptcy Is ‘Completely Off the Table’
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variety.comRebecca Rubin Film and Media ReporterAMC Theaters delivered a sobering message last December, warning that the world’s largest cinema chain could run out of cash by early 2021 due to mounting challenges posed by the coronavirus pandemic.
On Monday, the company announced a reversal of fortune. It raised nearly $1 billion in funding since then, allowing AMC to avert bankruptcy for several months.It’s a promising development for a beleaguered company, yet AMC and the rest of the film exhibition industry are hardly out of the woods — even with the ongoing vaccine rollout.
The news of AMC’s debt and equity financing comes shortly after MGM postponed the release of “No Time to Die” for a third time, the latest bump moving it from April to early.
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