AMC Entertainment said on Thursday it has actually reached a handle some banks to sell up to15 Million shares, looking for to raise fresh funding as the pandemic batters the world’s biggest movie theater operator.
Shares of the business fell more than 4% in premarket trading.
AMC stated in a filing that postponement of significant releases slated for the Thanksgiving and Christmas holidays until next year would considerably impact its liquidity in the 4th quarter.
Walt Disney on Wednesday delayed the release of superhero film “Black Widow” and Steven Spielberg’s “West Side Story” till 2021 in another obstacle to movie theater operators. “Mulan” also avoided most theaters and went directly to Disney’s streaming platform.
Cineworld Group CINE.L, the world’s second-biggest cinema operator, echoed AMC’s concerns on Thursday, stating it may require to raise more money if theaters are shut again following fresh pandemic curbs.