Default Warning Issued on AMC Entertainment in Credit Rating Downgrade

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.

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.

weather warning has been put out across many parts of Scotland. Areas such as Glasgow, Ayrshire and Fife have all be placed under the threat of heavy torrential rain for the next 24 hours.

S&P Global Ratings has downgraded the credit rating for exhibition giant Cinemark Holdings over delays in Hollywood tentpoles reaching the local multiplex amid the COVID-19 crisis. "Theater attendance will likely remain weak and large tentpole releases delayed until there is a viable treatment or vaccine for the coronavirus that allows for the end of social distancing.

Borna Barisic came through Croatia's clash with France unscathed. The left back had missed two games against Switzerland and Sweden but understands he was only rested as a precaution.

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”

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.

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.

Borna Barisic out of their squad to face Sweden in the Nations League in what will be a huge concern for Rangers. The defender picked up a knock in Rangers' 2-0 win over Ross County last weekend but travelled with his country for their games against Switzerland, Sweden and France.

Borna Barisic after he was left out of the Croatia squad for their friendly with Switzerland. The left-back limped off during Sunday's 2-0 win over Ross County but reported for international duty.

Manori Ravindran International Editor“Wonder Woman 1984” director Patty Jenkins has warned that shutting cinemas down and keeping audiences away from movie theaters “will not be a reversible process.”“We could lose movie theater-going forever,” said Jenkins in an interview with news agency Reuters.The Gal Gadot-starring “Wonder Woman 1984” has been delayed three times due to the global pandemic. Most recently, the blockbuster sequel was pushed from its Oct.

Debt ratings agency S&P Global Ratings has reduced AMC Entertainment Holding's credit ratings on liquidity concerns as the impact on the mega-exhibitor's theaters takes a toll on its available cash on hand. "Given our expectations for a high rate of cash burn, we believe the company will run out of liquidity within the next six months unless it is able to raise additional capital, which we view as unlikely, or attendance levels materially improve," the agency said.

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.

here"The unusual wind direction associated with the rainfall will mean that the peak rainfall totals are likely to occur in some areas that are usually well sheltered and drier during unsettled spells of weather."Fast-flowing or deep floodwater is likely, causing "danger to life", the Met Office warns.Delays and some cancellations to train and bus services are "likely".Spray and flooding will probably lead to "difficult driving conditions and some road closures", the Met Office warning