Struggling AMC Entertainment said it risks running out of funds in January.
In the wake of his latest warning, he said he needed 7 750 million “to survive” by 2021. Even so, owning one is still beyond the reach of the average person.
In the SEC filing, the country’s largest exhibitor also announced an injection of monetary capital management at an annual interest rate of $ 100 million in annual sales at 15%. Mudrik will exchange its notes for about 13.7 million AMC shares. Chen has recently sold the stock. It said it is in talks with homeowners, creditors and potential joint venture partners on ways to make it through the epidemic and is discussing possible financing options for its international businesses.
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As of November 30, AMC had deferred more than 400 million rental liabilities by 2021.
It’s a race. 30 Nov. As of 30, the company had 320 million in cash and cash equivalents, up from 8,418 million at the end of September. Cash burn – the amount needed to be spent each month – was about 125 million during October, October and November.
“A significant increase in coronavirus cases has led to theater closures with delays in major movie releases or direct or simultaneous release of movie titles in home video or streaming markets instead of theatrical performances. And is expected to continue in the future. These challenges are exacerbated by Warner Bros. ‘s announcement that its entire 2021 studio film will be released simultaneously, which could lead to other studios adopting a similar strategy, AMC said.
Warner Bros. announced last week that its full-fledged 2021 film Slate HBO will enter theaters with theaters on Max Day-and-Date.
AMC estimates that if its attendance level does not improve significantly in the first half of 2021 (pre-covid 2019 to achieve about 20% of the overall level of attendance level) and again in the second half of 2021 (to achieve the overall level) -Covid 2019 approximately 85% of the attendance level), assumes that the fluid shortage will exceed the estimated 750 million minimum deficit mentioned above, “which if not addressed prevents the progression of ongoing anxiety.”
AMC said that as of November 30, it has 404 of its 594 U.S. theaters in operation, with limited capacity and hours. Theaters were closed in some major markets, such as New York City and California. In the quarter from October 1 to November 30, attendance was down 92% compared to the same period a year earlier.
The company still hopes to promise an effective vaccine against the coronavirus, which is expected to be widely available next year, as well as the expected release next year of the now-delayed major movie titles, with “positive content” effect. “
But, he said, “We cannot predict what will be the supply of movie titles for the theatrical exhibition once a large number of moviegoers are ready to return. We cannot know for sure the effect of Werner Bros.’s announcement or similar announcements regarding the simultaneous release of the film’s title in the home video or streaming markets, as that arrangement will not be subject to negotiations yet. “
