S&P Cuts AMC Entertainment Debt Rating, Says Chain Has Six Months Of Cash Unless It Raises Capital Or Attendance Improves
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deadline.comJill Goldsmith Co-Business EditorDays after the entertainment industry joined cinemas in asking Congress to rescue exhibition, ratings agency S&P downgraded debt of the world’s biggest chain, AMC Entertainment, calculating it has six month of cash left unless things materially improve.The stock mostly shrugged off the news, down 0.4% to $4.63.
But that’s half of where it was trading a year ago as exhibition has been the entertainment sector hardest hit by COVID-19, aside from theme parks.AMC and other chains had shuttered all locations in March.
The company announced plans Thursday to resume operations at 14 theaters in Michigan and California — bringing the total of its U.S.
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