AMC Theaters is reportedly in talks with Weil, Gotshal & Manges in an attempt to work through a Chapter 11 bankruptcy filing reports Market Watch. Specifically a source tells the outlet they are working with lead lawyer Ray Schrock and “you don’t hire Ray unless you are filing.”
Such a filing would help the theater try and manage its massive debt load of $4.9 billion while also trying to successfully reopen at the same time.
Cinemas across North America have been shut down since the middle of March and a reopening date has yet to be determined. AMC, the largest U.S. cinema chain, closed all of its 630 theaters on March 17th and furloughed 25,000 workers. The chain has also reportedly ceased paying rent to landlords
AMC was optimistic about being able to open again sometime in June, but it’s unclear if that will end up happening at present. All of the major studios have pulled and pushed back their big spring and summer release dates. It is believed DC and Warner Bros. Pictures are keeping their planned “Wonder Woman 1984” August release date for now.
