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AMC Theatres Bankruptcy Likely, Analysts Say

AMC Theatres is likely to go bankrupt, according to Wall Street analysts

4/10/2020 2:00:00 PM

AMC Theatres is likely to go bankrupt, according to Wall Street analysts

AMC Theatres — whose business has effectively shut down because of the coronavirus pandemic — looks increasingly likely to file for bankruptcy with its cash reserves dwindling, accordin…

pandemic — looks increasingly likely to file for bankruptcy with its cash reserves dwindling, according to Wall Street analysts.In a report Thursday, MKM Partners analyst Eric Handler wrote, “Based on our view that theatres will be closed until at least August and our belief that AMC lacks the liquidity to stay afloat until that time, we expect the company will soon be faced with filing for bankruptcy.” He downgraded AMC Theatres stock from “neutral” to “sell.”

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AMC reported $265 million in cash and equivalents on hand, plus $332 million available via lines of credit, as of Dec. 31, 2019. “AMC is the exhibition company we view with the least financial flexibility,” Handler wrote in his report. “We believe the company’s monthly cash burn rate in a no-revenue environment is running at $155 million per month, which likely keeps AMC liquid until June/July.”

Shares of AMC Entertainment Holdings were down more than 4% in trading Thursday. AMC did not immediately respond to a request for comment.Even if AMC is able to tap government bailout funds, Handler wrote, the company’s high leverage ratio — with $4.75 billion in debt — “will make for tough sledding… thus making a reorganization inevitable.”

Handler’s prediction that AMC Theatres is heading for bankruptcy reorganization comes after a Loop Capital’s Alan Gould, in an April 8 research note, called that scenario “a distinct possibility” and added that at a minimum the theater chain will need highly dilutive financing to stay afloat.

In an effort to cut costs while theaters remain closed indefinitely due to the COVID-19 crisis, AMC Theatres, the nation’s biggest cinema chain,furloughed more than 600 corporate employees including CEO Adam Aron. AMC also has informed landlords that will not pay rent starting in April while its cinemas are shuttered.

Read more: Variety »

GOODBYE SPIDERMAN 786! I just hope marcustheatres don't go that route. First, it was drive-in theaters, and now this. I don't care how comfortable watching movies at home are. Nothing beats the movies experience Who else is investing in their stock... or am I the only crazy one 👀 Don’t have to be big Corp to go bankrupt. Some just don’t get discharged

That’ll lower the ticket prices. Lies Good, they literally destroyed every single local chain in America I get that it’s part of the evolution of technology, but online streaming and shopping is going to make life extremely boring in the coming years, especially for the youth I pray someone will purchase the AMC beare and finally remodel the damn place after 20 years!!! It's DISGUSTING

GlamGangsta Wow!!! They charge everyone $100 to see a movie and eat popcorn. Good riddance. But AMC is owned by Wanda group a Chinese company.. maybe next time don’t sellout outside your country. Expanding yes, selling out no ... It’s a China company, maybe they can bail them out. If this pandemic goes on longer, that’s probably the tip of the iceberg

Netflix should acquire Regal is about to have a monopoly then With streaming service becoming better options and being sooo much cheaper than a theater experience this was bound to happen. I say let movie theatres die. Streaming the movies is where its at Pirates 1 - Establisment - 0 Flatpanels Good, my local AMC was trash.

Hope not, even though I go to another movie theater right now 😢 Popcorn bout $15 & the icee be like $20 LoL! That’s sad news Bail them out government! I really hope not. Theaters have been my upbringing and watching them fade away is incredibly saddening. Dam the economy is damn weak can someone pitch in and help me buy this 😢 going to the theater has been part of my life since I was 5 years old... seeing the biggest company at the brink of closing it's doors sucks..

i think most people have home theaters in this day and age, no point in going to a movie theatre with people on their phones the whole time. They should start a digital theater, Netflix styled app, adapt and overcome Nooooooooo —00— Bail me out government! What’s a theatre? Right after I finally bought Stubs A-List 😭 But seriously, this sucks!

That $30 dollar popcorn caught up with them. Being in the film industry. This shouldn’t be allowed to happen,, tho the film industry needs go to pay per view options or alternatives, to screen films! And stay viable during this current situation!! The trillion dollar rescue bill needs to be passed so theatres can stay afloat admist COVID-19!!!

jus let me say bye to my fine ass manager one last time man Hard to believe that a business that charges $8 for popcorn that costs $.06/bag can have such little cash in hand. Could it be that the owners of AMC have siphoned off so much cash off the top for years, to the detriment of the company? Bankrupt them, throw out the owners. Bye!

LOL of course, I will never step into another theater again GuiltyHonkey Bout time It was coming And end up better for it on the back end Maybe studios need to go back to owning their own theater chains. It's not like the Feds give af about monopolies anyway. Shit. What will Marvel do?

AMC Theatres 'Bankruptcy Appears Likely,' Analyst SaysMKM Partners' Eric Handler downgrades the stock to a 'sell,' estimating its 'cash burn rate in a no-revenue environment is running at $155 million per month, which likely keeps AMC liquid until June/July.' For those who wont read the story, this would end up being a good thing for the theater chain. What about my A list

AMC Theatres 'Bankruptcy Appears Likely,' Analyst SaysMKM Partners' Eric Handler downgrades the stock to a 'sell,' estimating its 'cash burn rate in a no-revenue environment is running at $155 million per month, which likely keeps AMC liquid until June/July.' For those who wont read the story, this would end up being a good thing for the theater chain. What about my A list

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