AMC Chairman and CEO Adam Aron said, “Yesterday Cineworld, which is the world’s second-largest movie theater circuit, issued a public statement that it anticipates low levels of admissions until November 2022, which are expected to negatively impact its liquidity position in the near-term.”
Aron continued, “At AMC, as we have publicly disclosed previously, the film slate in the third quarter of 2022 is expected to be relatively weak. 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.”
Aron added, “As for AMC’s liquidity, AMC ended the second quarter of 2022 with more than $1 billion of liquidity, thanks to significant amounts of cash raised in calendar years 2020 and 2021. Our new AMC Preferred Equity security, which begins trading on the New York Stock Exchange on Monday August 22, 2022, should also make us a much stronger company.”
Aron concluded, “Accordingly, we remain confident about AMC’s future.”