AMC Theatres said on Monday that it has signed a definitive agreement to sell nine cinema locations in the Baltic region for €65 million, or about $77 million, to reduce its debt and strengthen its liquidity.
Up Invest, the owner of a Baltics cinema group, will acquire all nine venues for what AMC called "an attractive valuation." "This transaction marks yet another bold and decisive action taken, on the heels of our capital raising in April and debt restructuring and capital raising in July, to bolster our liquidity and strengthen our balance sheet at a transaction multiple that underscores the inherent value of our theatre portfolio and resilience of our business," said AMC CEO and president Adam Aron.
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