AMC Entertainment Friday announced a debt restructuring that it said would “prove highly beneficial to the company and its shareholders.” The deal will reduce the principal amount of it…
that it said would “prove highly beneficial to the company and its shareholders.”
The deal will reduce the principal amount of its total debt liabilities, extend the maturities of a significant percentage of outstanding debt, reduce cash interest expenses, and boost its cash and liquidity position to help navigate the ongoing COVID-19 crisis, the nation’s largest exhibitor said in an SEC filing.
Theatres have been shuttered since March and the company has been working with its bondholders to restructure its debt, which was high and put the chain in a tough corner as revenue dried up. An initial offer to subordinated debt holders to exchange their notes at a discount was postponed several times as AMC negotiated. It said Friday it had amended the exchange offer with the support of existing subordinated holders representing more than 73% of the notes outstanding.
has agreed to provide $100 million in senior loans, according to a person familiar with the situation.. Shares ended slighly higher Friday but dipped in late trading, down 1.3% to $4.54, after the announcement.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
AMC Entertainment Nears Debt Deal That Would Ensure Solvency Into Early Next YearEXCLUSIVE: The nation’s largest theater chain AMC Entertainment is finalizing a deal with bondholders that would slash debt by up to $600 million, bring in $200 million in fresh cash and give it a …
Lire la suite »
Streaming-TV media merger, acquisition targets 2020: AMC Networks, MGM - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Lire la suite »
AMC Entertainment Nears Debt Deal That Would Ensure Solvency Into Early Next YearEXCLUSIVE: The nation’s largest theater chain AMC Entertainment is finalizing a deal with bondholders that would slash debt by up to $600 million, bring in $200 million in fresh cash and give it a …
Lire la suite »
Virgin Australia bondholders to table rival deal for creditor vote - lawyerVirgin Australia Holdings Ltd bondholders plan to propose to creditors a debt-to-equity swap as an alternative deal to the purchase by Bain Capital agreed by the company's administrator, a lawyer for the bondholders said on Friday.
Lire la suite »
An adult party start-up is close to securing cash via the UK's pandemic survival schemeDescribed as a 'sex party company,' Killing Kittens is set to raise £340,000 from a crowdfunding campaign, with half of the cash coming from the U.K. government.
Lire la suite »
United, pilots union reach tentative agreements for early retirements and voluntary furloughsUnited and its pilot union have been negotiating on early retirements to help cut costs as coronavirus devastates travel demand.
Lire la suite »