AMC Working to Avoid Bankruptcy as COVID Slowdown Continues
Theater chain AMC, already in debt due to luxury upgrades to its theaters prior to the onset of the COVID-19 pandemic, is still desperate for cash.
It’s projected that the chain will need $750 million to hit its 2021 cash requirements, meaning an influx of more than $100 million in December and an attempt to sell 50 million more shares, combined with funding from Mudrick Capital Management, are just drops in the bucket.
The chain is among the hardest hit by the spread of the novel coronavirus, which initially forced cinemas to shutter and continued to wreak havoc on theater chains throughout 2020. Consumers simply aren’t prepared to engage in the shared cinema experience yet, even with hope on the horizon in the form of multiple COVID-19 vaccines.
On this MarketScale industry update, hosts Daniel Litwin and Tyler Kern dove into what AMC’s struggles mean for the company and for the industry at large, which will likely need to adapt to bring never-before-seen offerings to the table to get back to a level even close to pre-pandemic attendance.
In particular, dine-in theater experiences will need to adapt to a continued lack of attendance and find unique ways to offer elevated experiences with less staff and heightened peace of mind.
Key Points:
- AMC raised more than $100 million in December.
- However, the theater chain needs even more cash.
-
It’s estimated that AMC needs $750 million to reach 2021 requirements.
Latest
From Athlete To Executive: Navigating Healthcare’s Competitive Landscape
Navigating healthcare’s competitive landscape requires innovative solutions addressing care quality and affordability. CapExpert is a game-changer in outpatient healthcare. It enhances asset management, ensuring the best care for patients. Luke Johnson, Co-Founder and CEO of CapExpert, spoke with Highway to Health’s David Kemp on how CapExpert enhances asset management, bridging visibility gaps and streamlining […]
How do Noise-Canceling Microphones Work?
Have you ever wondered how noise-canceling microphones work? This brief product video from Icom provides the answer. Icom’s advanced F7000 Series P25 radios, along with select IDAS models like the F3400D boast cutting-edge noise-canceling microphone technology. Icom achieves noise canceling through the AMBE+2 vocoder, distinguishing between speech and background noise, converting the former into […]
The SOC Landscape is Seeing a Gradual Change as Professionals Pivot from GSOC to CSOC
Professionals from the GSOC environment are moving over to the CSOC landscape, and this is a very noticeable change and sign of the SOC industry’s evolution. The transition unveils an unprecedented layer of similarities and experiences, clarified by the willingness to be the learner in the room. As the world moves toward navigating […]
