AMC has announced it has officially concluded a complex restructuring of approximately $2.6 billion of its debt – one that will include an exchange and fresh capital raise.
As a result, the debt load of the largest exhibitor in the U.S. has been reduced by $553 million and the company will get some $355 to $415 million of cash and other liquidity improvements over the coming 12 to 18 months after deducting transaction costs.
This allows the exhibitor to operate into 2021 and potentially get through the current period of unprecedented theatre closures. It comes ahead of the cinema chain opening its theaters in the U.S., Europe and the Middle East again with select U.S. cities targeting a mid to late August start.
The announcement comes as a new distribution deal with Universal Pictures continues to shakeup the industry.
Source: Deadline
