AMC Property Management Covers Up Underwear Thief Preying On ... by Eric Poulson

20, AMC warned investors that if it didn’t succeed in raising new money it would run out of cash by the end of the year. And while about 500 of its 600 US movie theaters are now open, ticket sales remain suppressed by the pandemic and its social-distancing requirements. Reddit traders may not have been the only ones boosting GameStopĪMC has been burning through roughly $125 million a month since March. Waiting to file, they said, would only make it harder for the theater chain to regain its footing post-pandemic because of the amount of cash required to stay alive. In addition to AMC, the frenzy also increased investor appetites for shares of video-game retailer GameStop and Blackberry.īut late last year, AMC hadn’t yet benefitted from the rally and Aron was being urged by his advisers, a team that included law firm Weil Gotshal and Moelis & Co., to file for bankruptcy, sources said.

Roughly half of the $917 million AMC raised was from the sale of new stock.Īs the world now knows, AMC’s fundraising efforts came just in time to cash in from a bizarre trading phenomenon known as the “Reddit rally,” which saw small traders using Reddit trading forum WallStreetBets and no-fee trading apps like Robinhood to invest heavily in beaten-down stocks. 25 that it had raised close to a billion dollars to help it through the pandemic, which has decimated movie ticket sales since March. GameStop soars 35% after turning profit for first time in 2 yearsĪMC to charge more for good seats in movie theatersĪMC Entertainment CEO Adam Aron has wowed corporate America with his unusual plan to keep the pandemic-plagued theater chain afloat by selling loads of stock to small investors.īut getting on the right side of the “Reddit rally” wasn’t always easy and sometimes required Aron to clash with his powerful Wall Street allies, including his friends at private equity giant Apollo Global Management, sources said.ĪMC, which is the nation’s largest theater chain, said on Jan. ‘Vote-of-confidence’: Regal owner Cineworld unveils restructuring deal after sale plan failsĪmazon reportedly interested in buying AMC Entertainment: shares jump 18%

AMC Property Management Covers Up Underwear Thief Preying On ... by Eric Poulson