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Entertainment AMC says its cash will be 'largely depleted' by the end of 2020

03:45  14 october  2020
03:45  14 october  2020 Source:   dailymail.co.uk

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AMC Entertainment has revealed that its cash resources may be ' largely depleted ' by the end of this year if its nearly 500 reopened US theaters don't The company said Tuesday that its existing cash resources could run out by the end of 2020 or early 2021 due to the 'reduced movie slate for the

AMC , the nation’s largest movie theater chain, said on Tuesday that its “existing cash resources would be largely depleted by the end of 2020 or early 2021,” if current trends continue. Once it runs out of cash , movie house will “require additional sources of liquidity or increases in attendance levels”

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AMC Entertainment has revealed that its cash resources may be 'largely depleted' by the end of this year if its nearly 500 reopened US theaters don't attract bigger audiences as the releases of movies like No Time to Die keep getting pushed back.

The company said Tuesday that its existing cash resources could run out by the end of 2020 or early 2021 due to the 'reduced movie slate for the fourth quarter'.

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AMC Entertainment Holdings Inc. said it may soon run out of cash amid fresh signs that the pandemic is pushing cinema operators close to default. The world’s biggest theater chain said in a filing Tuesday that liquidity will be largely depleted by the end of this year or early next year if attendance

At AMC 's current cash -burn rate, reserves would be depleted by the end of this year or early next year, Kansas-based AMC said . As governments enforced limits on indoor businesses and people avoided large gatherings, the coronavirus pandemic wrought havoc on movie theaters when it arrived

Movies like the new James Bond film, No Time to Die, starring Daniel Craig have recently been delayed until next year.

For now, Warner Bros will keep the release of Wonder Woman 1984 starring Gal Gadot set for Christmas. The film was supposed to be released in June.

Craig has defended the decision to delay the anticipated film to April 2021.

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Things 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 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

AMC says it is looking to raise money. The warning follows rival Cineworld's recent decision to temporarily close its cinemas in the US and UK. AMC , which has previously said it is spending about 0m a month, told investors that it expected its cash to " be largely depleted by the end of 2020

'This thing is just bigger than all of us,' Craig said, while appearing on The Tonight Show With Jimmy Fallon, on October 5, celebrated as James Bond Day, commemorating the release date of the first Bond film 'Dr. No' in 1962.

'We just want people to go and see this movie in the right way, in a safe way,' Craig said.

'Cinemas all around the world are closed at the moment. We want to release the movie at the same time all around the world, and this isn't the right time.'


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'So, fingers crossed, April 2 is going to be our day,' Craig said.

Last week, Warner Bros said it was delaying the release of Dune and The Batman movies.

AMC, which has opened 494 of its 600 US theaters, has also blamed the cash issue on 'the absence of significant increases in attendance from current levels', according to CNN.

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AMC said its theaters would remain closed through June, and that timeline could be extended. While the market has whipsawed up and down over the course of 2020 , tech stocks have steadily climbed Share prices started falling at the end of February and beginning of March, and have failed to regain

Shares of AMC Entertainment Holdings Inc. sank 4.9% in premarket trading Tuesday, after the movie theater operator warned that given the reduced fourth-quarter movie slate, its cash resources will be depleted by the end of 2020 , or early 2021

As of October 9, the reopened theaters are operating at a capacity between 20 and 40 per cent.

In the statement, AMC also said that 'certain competitors have decided to temporarily reclose their theaters in light of the ongoing pandemic and the reduced slate of movie releases, which may further exacerbate the trend'.

But the company says that most of its theaters in the US and Europe would remain open, with several movie releases lined up for October and November.

a sign on the side of a building: AMC, which has opened 494 of its 600 US theaters (file image), has also blamed the cash issue on 'the absence of significant increases in attendance from current levels' © Provided by Daily Mail AMC, which has opened 494 of its 600 US theaters (file image), has also blamed the cash issue on 'the absence of significant increases in attendance from current levels' a group of people in a room: As of October 9, the reopened theaters (pictured in Chicago) are operating at a capacity between 20% and 40% © Provided by Daily Mail As of October 9, the reopened theaters (pictured in Chicago) are operating at a capacity between 20% and 40%

AMC's rival Cineworld, the world's second-biggest cinema operator, said it would close all its screens in the US and Britain after studios delayed major releases.

Movie theaters across the world have been shuttered since mid-March when several countries imposed lockdowns and social distancing measures to curb the spread of the COVID-19 pandemic. The delay in releases was an added setback for the entertainment industry.

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And yet the final number ended up being approximately 0 billion higher, meaning that the Treasury had substantially overshot its funding need and suddenly found itself with a record cash "lower-than-projected expenditures and higher receipts largely offset by the increase in the cash balance." )?

A report says AMC is close to a restructuring deal that will help the largest U.S. movie chain This financing will be on top of a 0 million committed by junior bondholders. AMC is choosing the AMC Entertainment ( AMC ) announced today that it will delay theatre openings until the end of July after

The reluctance of studios to go ahead with major releases led Cineworld to close all 536 Regal theaters in the US and its 127 Cineworld and Picturehouse theaters in the UK from October 8.

AMC said more than 80 per cent of its theaters in the US, more than 90 per cent of Odeon Cinemas Group theaters across Europe and all AMC Cinemas in the Middle East would remain open.

'Some of our best partners like Disney, with its much anticipated Soul, and Universal with The Croods: A New Age, have new movies scheduled for theatrical release over the next month and a half,' AMC Chief Executive Officer Adam Aron said.

Other upcoming releases include The War With Grandpa starring Robert De Niro and Yellow Rose this weekend and Let Him Go, Freaky and The Comeback Trail lined up for November.

AMC's shares went down 6.9 per cent early Tuesday at $3.80.

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