AMC Theatres Stock Sinks 13% as Cinema Giant Faces Cash Crunch

Also Read: AMC's Stock Surges 22% on New York Theaters ReopeningAMC said it had $417.9 million in cash on hand at the end of September 2020.

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.

Also Read: AMC Theatres Will Remain Open Amid Cineworld, Regal ShutdownOn Saturday, Cuomo said theaters in New York will be allowed to open at 25% capacity on October 23, with a maximum of 50 people per screening room.

A baby boy who delivered after his mother was fatally shot last week in Chicago died after only four days of being alive, Chicago police said on Saturday.   The boy was delivered Tuesday in critical condition after his mother, 35-year-old Stacey Jones, was shot twice in the back while standing outside her home on the city's South Side.

Kristin Cavallari, 33, has embarked on a new romance with Jeff Dye, 37! The Very Cavallari star surprised fans when she was spotted making out with the comedian at a Chicago bar on Saturday, Oct. 10 — and it turns out the couple have been “casually” dating. “Kristin and Jeff started talking a few weeks ago.

Aaron Sorkin is known for certain trademarks: the walk-and-talk, the breathless dialogue, crescendos of feeling. You know the drill: Martin Sheen quotes the bible, an orchestra swells and then we cry.But the writer hasn’t given us that ultra-satisfying, sweeping Sorkin package much since “The West Wing” ended.

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.

Mike Fleming Jr Co-Editor-in-Chief, FilmEXCLUSIVE: MTV Documentary Films has acquired North American rights to 76 Days, a raw and emotional look at the struggles of the people of Wuhan, China, in the earliest days of the COVID-19 outbreak. Directed by New York filmmaker Hao Wu (People’s Republic of Desire) and China-based journalists, Weixi Chen and “Anonymous,” 76 DAYS made its world premiere at the 2020 Toronto International Film Festival.

WarnerMedia parent AT&T's $1.1 billion sale of a majority stake in Central European Media Enterprises to Czech businessman Petr Kellner's PPF Group closed on Tuesday. AT&T, led by CEO John Stankey, decided last year to sell the asset.

Movie theater giant AMC Theatres said on Tuesday that its "existing cash resources would be largely depleted by the end of 2020 or early 2021" if current trends persist.

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.

A baby girl who was born prematurely early Tuesday after her mother was shot and killed in Chicago was in critical condition, according to reports. Stacy Jones, 35, was due to give birth to her baby next month.

“Given the reduced movie slate for the fourth quarter, in the absence of significant increases in attendance from current levels or incremental sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021. Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity or increases in attendance levels.

Brent Lang Executive Editor of Film and MediaAMC Theatres is in danger of running out of cash by the end of the year or by early 2021 if moviegoers don’t return to cinemas in greater numbers, the world’s largest exhibitor warned in public filings on Tuesday.The theater chain noted that attendance at the 494 of its 598 U.S. locations that it has opened in recent weeks is down approximately 85%.

The European Union has approved WarnerMedia parent AT&T's $1.1 billion sale of a majority stake in Central European Media Enterprises to Czech businessman Petr Kellner's PPF Group. AT&T, led by CEO John Stankey, had last year unveiled the plan to sell the holding to reduce its debt.

AMC Theatres said Tuesday it is not currently planning to close any of its movie theaters that have reopened, in part because of the leeway provided by an unprecedented premium VOD deal it recently signed with Universal. The announcement came a day after rival Cineworld said it is going to shut all of its cinemas in the U.K.

Rebecca Rubin Film and Media ReporterAMC Theatres on Tuesday pledged not to close any of its movie theaters that have reopened, despite headwinds that the exhibition industry has faced during the pandemic and the lack of new Hollywood movies on the horizon.The announcement was made the day after rival cinema chain Cineworld, which operates Regal in the U.S., reported plans to temporarily shutter all 536 locations on Thursday, citing the “challenging theatrical landscape.” Cinemark, another

Anthony D'Alessandro Editorial Director/Box Office EditorIn the wake of Cineworld’s decision to shutter its UK venues and Regal U.S. theaters, AMC, the No.