Also Read: Movie Theater Chains Sue New Jersey for 'Unconstitutional' Closures Due to CoronavirusAMC said in its filing that the new debt agreement will be “highly beneficial” as the company tries to free up liquidity to stave off bankruptcy and survive the pandemic.Last month, AMC reported a net loss of $2.2 billion for the first quarter, which ended March 31.The cinema chain tallied roughly $5 billion in debt at the end of 2019 and losses of $149 million — that was after recording a $110 million profit in 2018.
Even before the pandemic brought Hollywood to its knees, AMC CEO Adam Aron said that he and other top executives had agreed to cut their salaries and bonuses for three years.Also Read: AMC Shifts Theater Reopening Schedule After.
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