AMC Entertainment

The nation’s fourth-biggest cinema chain Marcus Theatres saw revenue plunge and swing to the red in its most recent third-quarter earnings released Tuesday. It beat Wall Street forecasts, however, and emphasized its solid financials underpinned by the fact it owns most of its theatres. Family-owned Marcus, based in Milwaukee, owns or operates 1,110 screens at
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Studio Movie Grill, the in-theater dining chain with seven California locations has filed for bankruptcy, one of the first leading exhibitors to officially buckle under pandemic-related financial stress. The Dallas-based company filed for Chapter 11 in U.S. Bankruptcy Court for the Northern District of Texas. It will continue to operate but reorganize with the protections
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The association of theater owners, NATO, called on Congress Tuesday to get an aid package approved, saying exhibitors are desperate for help. It’s begged for help before. Now Senators Schumer, Cardin and Shaheen have included relief for movie theaters as part of the Save Our Stages initiative, which is included in the COVID relief bill
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AMC Entertainment expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the prior year’s quarter and the struggling theater anticipates material write-downs of assets, according to an SEC filing Tuesday morning with preliminary financial results. Cash and cash equivalents stood at $417.9 million. Interest expense for the
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AMC Entertainment will resume operations at a dozen theaters in New York State October 23 in accordance with Gov. Andrew Cuomo’s recent, welcome reopening announcement over the weekend that, however, still excluded New York City and a handful of other counties. NY is “vital to the theatrical exhibition industry,” the world’s largest chain said Monday.
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Exhibitors in New York State are speed dialing former staffers and bookers after a surprise weekend announcement by Gov. Andrew Cuomo that long-shuttered cinemas can reopen Friday under guidelines expected early this week. Joseph Masher, president of NATO New York and CEO of family-owned Bowtie Cinemas, anticipates the long-awaited state playbook will pretty much echo
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As the exhibition industry teeters, global cinema owners beseeched New York Governor Andrew Cuomo to reopen theaters in areas of the state with low infection rates. The response was not promising. The executive committee of the Global Cinema Federation — led by Alejandro Ramirez Magaña, CEO of Cinépolis, in a letter to the governor Wednesday,
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Things are going from bad to worse in exhibition as AMC Entertainment said Tuesday its cash will be gone by late this year or early next and it’s exploring potential sources of additional liquidity, including asset sales, joint ventures or minority investments. The nation’s largest movie chain, like others in the industry, has been struggling
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Days after the entertainment industry joined cinemas in asking Congress to rescue exhibition, ratings agency S&P downgraded debt of the world’s biggest chain, AMC Entertainment, calculating it has six month of cash left unless things materially improve. The stock mostly shrugged off the news, down 0.4% to $4.63. But that’s half of where it was
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AMC Entertainment said it will charge 15 cents a ticket when it reopens theaters at more than 100 locations on August 20, celebrating the chain’s 100th anniversary. For a “Centennial Celebration, all AMC U.S. theatre locations that open on August 20 will offer all available seats for all movies that day for the 1920’s admission
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AMC Entertainment saw revenue plunge to $18.9 billion for the second quarter ended from in June from $1.5 billion the year before as it swung to the red, no surprise for the nation’s – and world’s — largest theater chain, that saw most locations shuttered completely for the entire three months. The company swung a
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AMC Entertainment announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise. The news came as iyd new distribution deal with Universal Pictures continues to roil the industry. Holders of more than 87% of senior subordinated notes participated in an
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UPDATED with details of restructuring: AMC Entertainment Friday announced a sweeping restructuring that will bring in $300 million in fresh coin, reduce debt by as much as $630 million and lower cash interest expense by up to $200 million. The debt restructuring agreeement, anticipated by Deadline Thursday, will keep the chain running through spring even
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Stock plunged with showbiz knocked hard as COVID-19 infections surged, three governors issued travel restrictions and investor hopes for a recovery fizzled. The DJIA plunged more than 700 points, or 2.7%, its worst showing in weeks. The S&P 500 and Nasdaq were both down sharply. Media and entertainment stocks, sensitive to advertising, film and TV
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Buried in AMC’s Q1 earnings release today on page 3 was the statement, “While we are in active dialogue with Universal, no movies made by Universal Studios are currently on our docket.” The note comes a little bit more than a month after AMC CEO and President Adam Aron alerted the studio in a public
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Giant exhib AMC Entertainment said it expects to report ballooning losses of between $2.1 and $2.4 billion for the first quarter ended in March on one-time charges compared with losses of $130 million the year before. Announcing preliminary results Wednesday, it anticipated revenue of $941 million last quarter versus $1.2 billion the year earlier. The
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China’s Dalian Wanda Group has issued a statement regarding its AMC Entertainment, calling speculation about the chain filing for bankruptcy “pure rumors.” This comes after an S&P Global report last week forecasted AMC’s depletion of cash by mid-summer and its potential inability to re-open by June, and as chatter has swirled about a possible Chapter
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In the wake of a S&P Global report that forecasted AMC Entertainment’s depletion of cash by mid-summer and its potential inability to re-open by June, media reports have already written the chain’s obituary. But hold on one moment. While distribution and rival exhibition sources wouldn’t be shocked if AMC files Chapter 11 in the near
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AMC Theatres CEO Adam Aron sat down for an interview on CNBC’s Squawk Alley today, telling the show’s hosts that the chain’s possible re-opening between May to mid-June is still “more of the right timing, but nobody knows.” Aron shut down the biggest exhibition chain out of coronavirus safety on March 17, and believes a three-month window
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