Study of AMC
- 11/24/2020 – secured debt to survive
Regal Cinemas’ owner Cineworld secures lifeline to stay afloat during pandemic
Deal follows AMC Theaters move as movie business fights to stay alive
In an announcement shared with Fox Business, the company revealed Monday that it has secured a $450 million debt facility and is strategizing to implement $750 million of extra liquidity to support the business in the long term.
The release also notes that there are plans to waive bank covenant waivers until June 2022, extend the maturity of the $111 million incremental revolving credit facility from Dec. 2020 until May 2024 and to accelerated tax year closure to bring an expected $200 million tax refund in early 2021.
