AMC Theatres May Fully Deplete Cash by January [View all]
The cinema chain explained that it has completed a debt offering of $100 million from the Mudrick Capital Management investment firm, after having already deferred more than $400 million of rent commitments to 2021. However, executives estimated that the company will require at least $750 million in additional liquidity to survive during the ongoing coronavirus (COVID-19) pandemic.
AMC added that the delay of multiple blockbuster releases this year, as well as the decision for these films to be released simultaneously on streaming services, has caused major roadblocks. Specifically, AMC noted, "These challenges have been exacerbated by the announcement by Warner Bros. that its entire studio film slate for 2021 will move to simultaneous release, which may result in other studios adopting a similar strategy."
As previously reported, Warner Bros. made the decision to release their entire 2021 slate -- which consists of 17 new films -- in theaters and on HBO Max at the same time. This roster includes highly-anticipated projects such as Dune, The Matrix and In the Heights.
Warner Bros. first hinted that this decision was inevitable after deciding to debut Wonder Woman 1984 on HBO Max on Christmas Day, after the film opens in international film markets beginning on Dec. 16. After debuting the live-action version of Mulan on Disney+ this fall, Disney also recently announced that its anticipated animated movie Raya and the Last Dragon will premiere on its streaming service for a premium price on the same day it opens in theaters in Spring 2021.
https://www.cbr.com/amc-theatres-may-deplete-cash-by-january/
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