AMC Theatres Reduces Debt Load by $553 Million

With $2.6 billion in long-term debt and enduring a shuttered business during the coronavirus pandemic, AMC Theatres has been a sitting duck in bankruptcy crosshairs.

The nation’s largest exhibitor Aug. 3 announced it has successfully restructured its debt load with 87% of its senior subordinated note holders — in a deal that gives the exhibitor upwards of $415 million in cash and “liquidity improvements” in the next 18 months.

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“Now we can focus solely on the all-important task of opening our theaters in the U.S., Europe and Middle East safely and responsibly,” CEO Adam Aron said in a statement.

AMC repeatedly delayed re-opening screens in the U.S. due to spikes in COVID-19 infections. The latest restart is slated for sometime this month.

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