Cinema giant AMC Theatres said on Friday that it has completed a debt offering to raise $100 million from investment firm Mudrick Capital Management LP.
In a regulatory filing, it said the Dec. 10 deal will see purchased senior notes exchanged for common stock to shore up the company's balance sheet as it faces a continuing cash burn to stay in business.
AMC,the world's largest theater chain, in its filing reiterated that it needs around $750 million to keep its theaters open in the face of the COVID-19 crisis, including rising infection rates in the U.S.
markets and major studios shifting tentpole titles online. AMC's latest risk language also warned of a possible domino effect from Warner Bros.
Read more on hollywoodreporter.com
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