26.01.2021
07:56
New York (AFP)
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The American cinema chain AMC announced on Monday that it had raised $ 917 million since mid-December, which rules out the possibility of short-term bankruptcy, according to its CEO Adam Aron, as the industry suffers as never before under the effect of the coronavirus pandemic.
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The news delighted investors, with the title gaining up to 39% during the session. Around 2:15 p.m. (7:15 p.m. GMT), the stock was still up 30.2% to $ 4.57 on the New York market.
In detail, the group has used several tools to bail out, from the capital increase for $ 406 million to bank debt for $ 411 million, through bonds and convertible debt.
AMC had already amassed more than $ 1 billion in cash between April and November, mostly through a capital increase and debt, there too.
“Today, the sun is shining on AMC”, enthusiastic CEO Adam Aron, quoted in the statement released Monday. “There is no longer any question of talking about AMC’s bankruptcy filing in the short term,” assured the leader.
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The group also indicates that it hopes for progress in its negotiations with the owners of the rooms to determine the exact amount of rent due, with the possibility of obtaining discounts.
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The theater operator, which presents itself as world number one with around a thousand venues and 10,700 screens around the world, has left many of its cinemas open in the United States despite the acceleration of the pandemic and the drop in attendance.
It remains however deprived of the two most important markets of the country, New York and Los Angeles, where the authorities have not yet authorized the reopening of the rooms.
“For AMC to be successful in the medium term,” added Adam Aron, “most of the population will have to be vaccinated, in the United States and abroad.”
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The CEO praised the commitment of the new Biden government, and its counterparts abroad, to carry out the coronavirus vaccination campaign.
AMC has yet to release its 2020 full-year results but posted a net loss of $ 3.6 billion in the first nine months of the year, almost quadruple its revenue ($ 1.07 billion) .
© 2021 AFP
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