AMC Theatres says it has now raised enough money to survive the winter

By Sam Barsanti  |  January 25, 2021 | 11:07pm
Aux Features AMC Theatres
AMC Theatres says it has now raised enough money to survive the winter
An AMC theater Photo: Scott Olson

It’s been a whirlwind pandemic for AMC Theatres, the chain that furiously objected to Universal’s decision to release movies on-demand on the same day they hit theaters way back in April, with the two companies eventually coming to a deal of some sort over the summer after it had become clear that the pandemic wasn’t going anywhere. Just a few months later, though, AMC had to admit that—because things weren’t getting any better, virus-wise—it would run out of cash altogether by January of 2021 (as in, the month that it currently is).

As of today, though, the chain’s fortunes seem to have reversed: According to Variety, AMC has managed to raise $917 million in equity and debt capital that “should” allow it to survive “this dark coronavirus-impacted winter.” In fact, prospects are now good enough (you know, relatively) that AMC’s “financial runway has been extended deep into 2021" and CEO Adam Aron says that “the sun is shining on AMC” and that “any talk of an imminent bankruptcy for AMC is completely off the table.”

Variety has some more details on where this money came from, but the point is that AMC (and people with money) are at least hopeful that we’re now at the point where things will actually start to gradually get better. This is a weird feeling, this optimism, and we’re not entirely sure we trust it just yet. But hey, good news for a change!

 
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