Silver Lake cashes out on AMC for $713 million after Reddit-fueled rally

  • 📰 Reuters
  • ⏱ Reading Time:
  • 10 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 97%

United States Headlines News

United States Latest News,United States Headlines

Buyout firm Silver Lake disclosed on Friday that it sold its stake in AMC Entertainment Holdings for $713 million this week, capitalizing on a 10-fold rise in the price of the shares as traders organizing on social media platforms such as Reddit snapped them up.

The trade puts Silver Lake and its co-investors in the black following a $600 million convertible bond investment that the private equity firm made in AMC in 2018. Such an outcome looked unlikely when AMC, the world’s largest movie theater chain, was battling to stave off bankruptcy last summer, a move it avoided thanks to a debt restructuring deal with Silver Lake and its creditors.

AMC shares had dropped 70% in 2020 to close the year at $2.12, as many of the company’s movie theaters closed or operated with reduced capacity during the COVID-19 pandemic.

Source: Entertainment Trends (entertainmenttrends.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

It happened the 27th u bear corporate sell out

Shut up bear

LOL, WSB idiots helped the Silver Lake suits make money.

It’s always the big Corp makes all the money after all, all those who holds are the one loses money, and the one asking people to buy in and gold are the one working for the big Corp or want to cash out first themselves

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States Latest News, United States Headlines