Movie theater operator AMC Entertainment Holdings Inc said on Friday it would issue shares to investment firm Mudrick Capital Management LP for a $100 million investment as it looks to prop up its finances to stave off a possible bankruptcy.
AMC’s shares fell 6% in premarket trading.
The company said it would need at least $750 million of additional liquidity to fund its cash requirements through next year. (https://bit.ly/3m9zFNS)
The company estimated its cash and cash equivalents amounted to about $320 million at Nov. 30, and in the absence of additional liquidity it anticipates its existing cash resources will be depleted during January next year.
“We are in discussions regarding potential financing alternatives for our international businesses, relying on permitted borrowing capacity under our £100 million European credit facility”, AMC said in a regulatory filing.
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