Exhibition shares took a beating Tuesday as AMC Entertainment announced its cash might be gone by year end and Walt Disney became the latest big content company to restructure operations around str…
and National CineMedia fell, respectively, 8%, 7.2% and 9%. All had stabilized in after-hours trade.
AMC noted in an SEC filing this morning that it had raised close to $40 million in a stock sale, which is good. But its cash burn is about $115 million a month and as of August 30 it had about $500 million in funds. The company said today it is considering asset sales, joint ventures, the sale of minority investments and new rounds of stock or bond sales. It recently sold off its Baltic theaters and, one source said, had been in talks to divest its Nordic cinemas.
AMC restructured its debt in July giving it some runway but that can only last so long if moviegoing doesn’t resume properly.
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