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Consumer Law

AMC Theatres has Raised Nearly $1B to Avoid ‘Imminent’ Bankruptcy

AMC Theatres says it has raised nearly $1 billion in recent weeks — a sum that should help the struggling movie theater chain avoid filing for bankruptcy protection.

The Leawood, Kan.-chain announced Monday that it had raised $917 million in new equity and debt financing. In a news release, AMC CEO and President Adam Aron said “the sun is shining on AMC.”

“This means that any talk of an imminent bankruptcy for AMC is completely off the table,” his statement said.

AMC operates movie theaters in Hummels Wharf, Williamsport and Bloomsburg.

In October, AMC warned investors it could run out of cash by the beginning of 2021. Movie theaters have been hit particularly hard by the pandemic, as both consumer demand has sunk and studios have limited the release of new films.

Read the source article at dailyitem.com

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