With theater attendance down to just 10 to 20 percent of usual levels, a dearth of new movies, and a cash-burn in excess of $100 million a month, AMC Theatres’ bottom-line financial performance is so abysmal it’s “almost irrelevant,” CFO Sean Goodman said during the Q3 earnings call Monday for the nation’s largest theater chain. Instead, he and CEO Adam Aron have their sights set on continuing to raise cash to avert bankruptcy, with Aron invoking a Winston Churchill speech to explain how AMC is in an “almost warlike position of resolve and determination.”
“It really comes down to one thing: We believe that we will need to raise more capital to assure ourselves that we can lengthen our financial runway, at least into next summer,” Aron said. “The simple question becomes: Have we raised that needed capital or not?”
In other words, the AMC executives said that extant debt and lease renegotiations,...
“It really comes down to one thing: We believe that we will need to raise more capital to assure ourselves that we can lengthen our financial runway, at least into next summer,” Aron said. “The simple question becomes: Have we raised that needed capital or not?”
In other words, the AMC executives said that extant debt and lease renegotiations,...
- 11/3/2020
- by Chris Lindahl
- Indiewire
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