There’s no doubt that AMC movie theaters are in trouble due to the COVID-19 pandemic, but it’s now clear the chain is on the brink. Variety reports AMC has submitted an SEC filing warning that its existing cash “will be depleted” in January 2021 if it doesn’t get help. The company estimated that it would need “at least” $750 million to remain intact next year.
To survive, AMC said it was exploring options that included additional financing, more debt and further negotiations with landlords to soften or delay rent payments. It also floated the possibility of a joint venture or other team-ups with partners, although it didn’t say what those might entail.