AMC Entertainment to "Run Out of Liquidity" in 6 Months, Ratings Agency Warns

Cinema chain AMC Entertainment Holdings is looking to raise more fresh cash to stay afloat as it offered guidance to Wall Street on its faltering financial performance that fell short of analyst expectations. On Tuesday, AMC unveiled another equity distribution agreement with Citigroup Global Markets and Goldman Sachs to sell up to 15 million additional class A shares, with the proceeds being used for general corporate purposes, the company said in an SEC filing.

Andreas Wiseman International EditorEXCLUSIVE: The San Francisco Chronicle, UK production company Ugly Duckling Films and Sony Music Entertainment are partnering to develop the first narrative podcast project from the Chronicle, a new true crime series called The Doodler.The podcast will tell the story of the ongoing hunt for the notorious serial killer known as the “Doodler” who targeted San Francisco’s closeted gay community in the 1970s and is suspected to have murdered up to 16 people.Hosted

temporarily shut down in mid-March amid the pandemic.

Jill Goldsmith Co-Business EditorAMC Entertainment expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the year earlier 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.The company also said it will sell 15 million shares to raise fresh cash.

Jill Goldsmith Co-Business EditorAMC 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.With the reopening of New York, AMC will be operational in 44 of the 45 states where it has theatres.

The other day, AMC Theatres released an SEC filing that basically said the company is going to run out of cash by the end of 2020 or early 2021 if the box office doesn’t improve over the next few months. And guess what? With “Soul” moving to Disney+, “Coming 2 America” heading to Amazon, and the major studio offerings for the next couple of months reduced to about four films (for now), things aren’t looking great for theater owners.

Jill Goldsmith Co-Business EditorExhibition shares took a beating Tuesday as AMC Entertainment announced its cash might be gone by year end and Walt Disney became the latest big content company to restructure operations around streaming.As theaters reopen to limited audiences without key New York and Los Angeles markets and a paucity of new studio fare, heavily indebted AMC said in an SEC filing that it has enough cash to last until late this year-early next and would require “material”

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Just last week, after the surprise shutdown of Cineworld (and thus, Regal Cinemas locations) in the US and UK, AMC Theatres came out and told everyone that things should be just fine and the world’s largest cinema chain had no plans to shut down its theaters. Well, it appears that the CEO might have been speaking a bit too optimistically, as new statements from AMC point to a company on the verge of collapse.

“The required amounts of additional liquidity are expected to be material,” the company added. Since mid-March, the pandemic has squeezed the theater industry. After months of forced closures due to the pandemic, AMC and its rivals reopened their doors again this summer.

Jill Goldsmith Co-Business EditorThings 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 to make ends meet after being shuttered for months due to COVID followed by a rocky restart.

Amanda N'Duka pmc-editorial-managerEXCLUSIVE: Echo Lake Entertainment has signed Momona Tamada, who stars as Claudia Kishi in the recently released Netflix series adaptation of Ann M. Martin’s classic best-selling YA book series, The Baby-Sitters Club.The show centers on a group of middle-school friends who start their own babysitting business in the town of Stoneybrook, Connecticut.

Marie Claire's Power On virtual summit, Pappas joined Marie Claire editor-in-chief Sally Holmes for a live discussion via video chat. The annual conference, which went virtual this year, featured appearances from a range of powerful women, including actresses like Taraji P.

Among the many things suspended during these plague times of social distancing and self-quarantine is the friendly visit, those excursions we take to friends’ houses just to hang out and catch up, exchange banalities and intimacies between sips of wine on the couch.

Anthony D'Alessandro Editorial Director/Box Office EditorEXCLUSIVE: Former UTA talent agent Trent Hubbard is heading to Echo Lake Entertainment’s talent department where he’ll be a manager and producer at the firm.Hubbard will rep a diverse range of stand up comedians. A Dallas, Texas native and UCLA graduate, Hubbard previously worked in management at both Anonymous Content and 3 Arts Entertainment.“I am thrilled to be joining the Echo Lake family.

decided to temporarily close 536 Regal cinemas in the US and 127 Cineworld and Picturehouse venues in the UK. The chain cited the delay of the new James Bond flick for its decision, as the majority of blockbusters slated for 2020 have been pushed into next year. There are 500 fewer theaters open in the US since the pandemic began, as movie houses in major markets like New York and Los Angeles remain closed.

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Peter White Television EditorJohn Requa and Glenn Ficarra, who directed the pilot episode of NBC’s This Is Us, have inked a broadcast first-look deal with Fox Entertainment.The pair, who run Zaftig Films with production partner Charlie Gogolak, previously had an overall deal with 20th Century Fox Television.This comes as John Slattery A.I.

Dave McNary Film ReporterCredit rating agency Standard and Poors has warned that the AMC Entertainment chain is in danger of defaulting on its debt due to the ongoing COVID-19 pandemic.S&P issued the bleak warning Friday as part of a downgrade in the company’s credit rating from CCC+ to CCC-, moving into the junk bond category, and cited the ongoing struggles in the exhibition industry.

Jill Goldsmith Co-Business EditorDays 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.