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Pandemic-hit AMC Entertainment to sell up to 15 million shares to raise funds

·1 min read
FILE PHOTO: The outbreak of the coronavirus disease (COVID-19) in Burbank
FILE PHOTO: The outbreak of the coronavirus disease (COVID-19) in Burbank

(Reuters) - AMC Entertainment Holdings Inc <AMC.N> said on Thursday it has reached a deal with some banks to sell up to 15 mln shares, seeking to raise fresh funding as the COVID-19 pandemic batters the world's largest movie theater operator.

Shares of the company fell more than 4% in premarket trading.

AMC said in a filing that postponement of major releases slated for the Thanksgiving and Christmas holidays until next year would significantly impact its liquidity in the fourth quarter. (https://bit.ly/3kMVbYu)

Walt Disney on Wednesday postponed the release of superhero movie "Black Widow" and Steven Spielberg's "West Side Story" until 2021 in another setback to cinema operators. "Mulan" also skipped most theaters and went directly to Disney's streaming platform.

Cineworld Group <CINE.L>, the world's second-biggest cinema operator, echoed AMC's concerns on Thursday, saying it might need to raise more money if theaters are shut again following fresh pandemic curbs.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli)