AMC Theaters is warning investors that without a steady flow of movies to bring people into the remaining theaters it has open, the company could run out of cash by the end of 2020. […]
To try to avoid the potentially devastating financial impact the ongoing pandemic will have on its business, AMC is laying out a few potential ways of raising cash, according to public documents filed today. This includes continuing negotiations with landlords over lease payments on theater locations, starting joint ventures with other business partners, and potentially selling off assets. As it stands right now, however, “at the existing cash burn rate, [AMC] anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021.”
Remember when AMC was upset because Universal released their Trolls movie on Premium VOD instead of in theaters during the start of the pandemic, and AMC’s CEO was like, “Effectively immediately AMC will no longer play any Universal movies in any of our theaters.” Ah, good times.