December 30, 2020
Fiscally challenged AMC Entertainment, parent of world’s largest movie theater chain, AMC Theatres, is selling 50 million shares of Class A Common Stock to generate about $125 million in much-needed funding.
AMC said it will use the proceeds for “general corporate purchases, which include repayment, refinancing, redemption, or repurchase of outstanding debt.”
AMC shares are down 68% in 2020 after the pandemic all but shuttered the chain’s business in mid-March as the coronavirus began to spread. Earlier this month, AMC announced it had enough funds to keep the doors open through January.
Headquartered in Leawood, Kansas, AMC celebrated its 100th birthday this year. The chain is the largest operator of movie theaters in world; as of December 2020 it has a global count of 960 theaters and 10,700 screens, down from 1,004 theaters and 11,041 screens at the beginning of this year, according to its corporate website.