Even with potential summer blockbusters as Warner Bros’ Tenet and Disney’s Mulan delayed indefinitely, AMC Theatres has announced the chain is currently planning to reopen its U.S. movie theaters in mid to late August. AMC closed its 450 U.S. theaters in March due to the novel coronavirus COVID-19 outbreak.
AMC operates among the most productive theaters in the United States’ top markets, having the #1 or #2 market share positions in 21 of the 25 largest metropolitan areas of the United States.
Abroad, approximately one-third of all AMC cinemas in Europe and the Middle East are already open and are operating normally.
When AMC announced its plans yesterday, only Tenet had been delayed. Mulan had not. Now with the latter has being pushed indefinitely, AMC has not responded yet.
On July 13, AMC announced that it had entered into binding written agreements with an ad hoc group (“Ad Hoc Group”) of holders of some 73% of its approximately $2.3 billion in Senior Subordinated Notes to support an amendment launched Friday evening July 10th, 2020, to an exchange offer currently in the market.
This would allow AMC to restructure a substantial majority of debt securities on a consensual basis. Separately, AMC also reached an agreement to restructure some $600 million of convertible notes issued in 2018 to Silver Lake.
Moviegoers visiting AMC Theatres will be required to wear face masks, and a series of safety measures have been implemented to tackle the spread of the virus. As of now, however, no one is entirely sure whether people will feel happy and safe to pack multiplexes to watch the latest releases.
SOURCE: AMC Theatres