AMC CEO Adam Aron On Cineworld’s Grim Outlook: “We Remain Confident About AMC’s Future”

Following London-listed Cineworld Group’s grim outlook on cinema house attendance, AMC Entertainment Holdings, Inc. (NYSE: AMC) CEO Adam Aron reassured its stakeholders that the American theater chain can withstand the oncoming weak performance at the box office.

“At AMC, as we have publicly disclosed previously, the film slate in the third quarter of 2022 is expected to be relatively weak,” said Aron. “However, we continue to be quite optimistic about the increasing demand for our portfolio of movie theatres in the fourth quarter of 2022 and calendar year 2023.”

The UK-based theatre chain plummeted more than 80% this week following its announcement of rescue talks to improve its liquidity and address growing net debt. The shares fell by 57% on the last trading day alone after the firm is reportedly preparing to file its bankruptcy.

“Any deleveraging transaction will likely result in very significant dilution of existing equity interests in Cineworld,” the chain noted.

As for AMC, Aron touted the company’s strong liquidity of about US$1 billion at the end of Q2 2022. The American chain also recently introduced its AMC Preferred Equity dividend shares which firm chief previously noted is a measure to strengthen its balance sheet.

“Accordingly, we remain confident about AMC’s future,” Aron ended.

AMC Entertainment last traded at US$18.64 on the NYSE.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Taylor Swift’s Eras Tour Film Brings In $95 – $97 Million In Opening Weekend

Taylor Swift’s concert movie, “Taylor Swift: The Eras Tour”, has secured its place as one...

Sunday, October 15, 2023, 12:20:01 PM

Court Declines Cineplex Request To Still Claim $1.24 Billion Judgment From Cineworld

Cineplex Inc. (TSX: CGX) relayed on Wednesday that the United States Bankruptcy Court for the...

Friday, September 30, 2022, 04:10:00 PM

AMC Entertainment Abandons Plan to Issue More Stock Following Shareholder Feedback

Meme stock favorite AMC Entertainment (NYSE: AMC) has decided to pull the plug on a...

Wednesday, July 7, 2021, 07:44:34 AM

Cineworld Sees Bankruptcy Court Award Immediate US$785 Million ‘First Day’ Relief

British cinema chain Cineworld Group gets its ‘first day’ relief in the hopes to satisfy...

Friday, September 9, 2022, 10:29:00 AM

AMC Entertainment Looks To Conduct $500 Million Note Offering As It Continues To Recycle Debt

AMC Entertainment (NYSE: AMC) is looking to recycle its debt. The firm this morning announced...

Wednesday, February 2, 2022, 08:01:08 AM