S&P Cuts AMC Entertainment Debt Rating, Says Chain Has Six Months Of Cash Unless It Raises Capital Or Attendance Improves

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.

A federal judge ruled that New York Gov. Andrew Cuomo’s coronavirus-related restrictions are allowable, despite acknowledgement that continued limitations will make the economic recovery more difficult.

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”

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.

Eddie Van Halen and his family had to deal with racism growing up due to their mixed-race background, former bandmate David Lee Roth said in a resurfaced interview. The acclaimed Van Halen guitarist died last week at age 65 following a long battle with cancer.The legendary rocker was born to mother Eugenia, who was born in Indonesia, and father Jan, who was born in the Netherlands.

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.

Sooooo who’s the mystery man?!

The new Relativity Media studio has picked up the Angelina Jolie and David Oyelowo-starring fantasy adventure Come Away for its first commercial release. The studio acquired the U.S.

Nancy Tartaglione International Box Office Editor/Senior ContributorEXCLUSIVE: Vue International CEO and founder Tim Richards wants to avoid “the nuclear option” of temporarily closing his cinemas in the UK and other overseas markets amid recent shifts to the landscape.

© @Copyright HELLO! Hello! Magazine and his pulled out all the stops for their daughter - the youngster was treated to the most amazing Nutella-inspired birthday cake!In an incredible photo, shared on the actress' Instagram page on Sunday, the one-of-a-kind cake was covered with soft icing, and topped off with a model of Doris and a friend called Amber.The two birthday girls, which were modelled in icing, were seen tucking into an open tub of Nutella.

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.

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.

Marc Malkin Senior Film Awards, Events & Lifestyle EditorBefore the world went into lockdown, when Americans were free to travel internationally, Lily Collins was crisscrossing continents. The Golden Globe-nominated actor was shooting her new Netflix series “Emily in Paris” in the City of Lights as well as working in Los Angeles on David Fincher’s “Mank” — a drama about the making of “Citizen Kane.”In “Emily,” premiering on Netflix on Oct.

A wealthy benefactor of Keith Raniere, the disgraced leader of a self-improvement group in upstate New York convicted of turning women into sex slaves who were branded with his initials, was sentenced Wednesday to almost seven years in prison in the federal conspiracy case. Seagram’s liquor fortune heir Clare Bronfman was taken into custody to begin her 81-month sentence immediately after her appearance in federal court in Brooklyn.