AMC Entertainment Reaches Deal With Bondholders To Lower Debt, Raise $300M Cash, Deadline

AMC Entertainment Reaches Deal With Bondholders To Lower Debt, Raise $300M Cash

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 its total…

UPDATED with details of restructuring: AMC Entertainment on Friday announced a sweeping restructuring that will bring in $300 million in fresh coin, reduce debt by as much as $630 million and lower cash interest expense by up to $200 million. The debt restructuring agreement, anticipated by Deadline on Thursday, will keep the chain running through spring even in a worst-case scenario of all theaters being shuttered, a person familiar with the situation said, although the company is currently planning to reopen them July 30. In an SEC filing, AMC said the restructuring will “prove highly beneficial to the company and its shareholders” as it navigates the COVID-19 crisis. Theatres have been shuttered since March and AMC has been working with its bondholders to restructure its debt, which was high and put the chain in a tough co

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