The world’s largest theater chain may face a cash crunch, forcing it to sell assets or raise dilutive financing as the exhibition business is in an uphill battle against the spreading coronavirus T…
’s recently sinking stock reflected fears that came to a head this weekend. The box office plunged, big cities like New York and Los Angeles ordered theaters closed. The chain said Monday that for theaters still open it would be adopting CDC recommendations to limit auditoriums to 50 people.
The full-year box office could fall below $9 billion, the lowest-level box office revenue since 2001, with less than 1 billion admissions for the first time in 44 years, he said. AMC ended 2019 with $5 billion of debt, which is not insignificant. However, there are no major debt maturities until 2024, Gould said. We are not concerned with AMC breaking covenants – but about liquidity. Liquidity could become an issue if theaters have to close, more big films are delayed, or the impact of the virus extends through the entirety of the second quarter, or longer
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