AMC Theatres Vows to Stay Open as Stock Shares Rise

Dave McNary Film ReporterThe beleaguered AMC Theatres chain has warned it may have to file for Chapter 11 bankruptcy if it cannot obtain additional sources of liquidity.The company made the disclosure Tuesday in a filing with the Securities and Exchange Commission about an equity distribution agreement with Citigroup Global Markets and Goldman Sachs to sell up to 15 million class A shares, with the proceeds being used for general corporate purposes.

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.

The music company behind BTS floated on the stock market in Seoul earlier today. A rapidly rising share price has given the company an initial valuation of 9.6 trillion South Korean wong (that’s $8.3 billion or £6.4 billion).You could say that that valuation proves K-pop is good business.

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.

Also Read: AMC's 'Soulmates' Co-Creator Says 'Quantum Physics' Behind Soulmates Test Actually Checks OutWithout a major uptick in attendance or an injection of new funding, the company said, “existing cash resources would be largely depleted by the end of 2020 or early 2021. … to meet its obligations as they become due, the Company will require additional sources of liquidity or increases in attendance levels.

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.

“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%.

Gogglebox co-star and dad, Sid, along with his mum, Nasreen, and daughter, Amelia, and, like the rest of the internet, we want to know when Nasreen is going to appear on the hit Channel 4 show. The images show Sid, Nasreen and the adorable Amelia, who’s clutching a toy puppy, posing next to a bright red acer plant at their family home.

Naman Ramachandran Vue International chief Tim Richards said that his multiplex chain is going to try and stay open as long as possible, while Rolando Rodriguez, chairman, president and CEO of U.S.

new lockdown measures if they agree to stop selling alcohol, Nicola Sturgeon has confirmed. It had initially appeared that all licensed premises across five central health board areas - ranging from pubs to restaurants - would have to close for 16 days as of 6pm tomorrow.

Elsa Keslassy International CorrespondentAfter an underwhelming start to the year, France has redeemed its status as Europe’s largest nation of cinemagoers, with the national box office bolstered by a tide of local movies that have sustained admissions despite the near absence of big Hollywood movies.So far, 2020 has been a banner year for French fare, and local distributors — who were initially reluctant to release movies when theaters reopened in June after a three-month shutdown — have taken

Cineworld will be closing all of its screens from Thursday (October 8) across the UK and the US indefinitely, in light of a number of delayed titles including the new James Bond film No Time To Die.“We were delighted to start reopening our cinemas back in July, and are committed to keeping them open,” Showcase Cinemas UK General Manager Mark Barlow said in a statement.

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.

With yesterday’s confirmation from Cineworld, the parent company of Regal Cinemas, that the company would be closing all of its US and UK movie theaters “until further notice,” film fans (and box office analysts) feared the worst. When would AMC follow suit? And would this be the final nail in the coffin of theater exhibition in 2020 (and possibly forever)? Well, AMC isn’t ready to close its doors.

The 2020 theatrical release calendar is getting even slimmer in the wake of the announcement that Regal cinemas are temporarily closing, although AMC, North America's largest theater chain, says it will remain open.Warner Bros. said late Monday that its sci-fi pic “Dune” will now open in October 2021, instead of this December.

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.