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Added on the 19/10/2020 09:05:19 - Copyright : Wochit
AMC Entertainment is the largest theater chain in the United States, according to Business Insider. The company will now allow people to rent out its theaters for as little as $99. The Private Theatre Rentals program will be available across all of AMC's roughly 600 US locations. Customers can watch new releases on the big screen for $149 to $349. The fee includes admission for up to 20 guests. The move comes as the entire movie theater industry has been pummeled by the pandemic.
London (United Kingdom), Jan 19 (EFE) .- (CAMERA: Clàudia Sacrest / Carlota Isiegas / Pilar Tomás) The wealthy members of a British club will have access, for almost 50,000 euros, to the most controversial holidays of the pandemic: a three-week trip to the United Arab Emirates to receive the covid-19 vaccine.
An SEC filing reveals AMC aims to raise up to $844 million through the sale of 200 million shares to meet cash needs. Business Insider reports that AMC has burned through the bulk of its cash reserves as virus restrictions and a lack of major releases cut into business. In October AMC warned it could run out of money by the end of the year. The upcoming stock sale will likely raise far less than the $844 million target. On Thursday, AMC stock plummeted 16%.
Gizmodo reports ailing theater chain AMC might be totally broke by the end of 2020. In financial filings, the company disclosed on Tuesday that it may require 'additional sources of liquidity or increases in attendance levels' to survive. In other words, it'll need more cash or more butts on seats--or both. The company cites low attendance and a delayed movie release schedule during the coronavirus pandemic. If those don’t change, AMC may pursue additional debt and equity financing, renegotiations with landlords, asset sales, or joint ventures. They're not alone. Competitor Regal Cinemas has also disclosed it will need fresh funds by early 2021 if the winter results in 'prolonged' shutdowns.
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