AMC Theatres is likely to go bankrupt, according to Wall Street analysts
pandemic — looks increasingly likely to file for bankruptcy with its cash reserves dwindling, according to Wall Street analysts.
AMC reported $265 million in cash and equivalents on hand, plus $332 million available via lines of credit, as of Dec. 31, 2019. “AMC is the exhibition company we view with the least financial flexibility,” Handler wrote in his report. “We believe the company’s monthly cash burn rate in a no-revenue environment is running at $155 million per month, which likely keeps AMC liquid until June/July.”
Even if AMC is able to tap government bailout funds, Handler wrote, the company’s high leverage ratio — with $4.75 billion in debt — “will make for tough sledding… thus making a reorganization inevitable.”
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