By Jill Goldsmith S&P Global said the world’s largest exhibitor AMC Entertainment risks running out of cash by mid-summer and the ratings agency doesn’t think movie theaters will reopen in June – a prediction AMC CEO Adam Aron made on CNBC this week. “We expect AMC Entertainment … theaters will remain closed beyond June due to the impact of the global coronavirus pandemic.
We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer, and we believe the company will likely breach” a debt covenant in September absent a waiver from its lender, S&P said, knocking the company’s credit rating to ‘CCC-‘ From ‘B-‘ with Outlook Negative.
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