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Will AMC Entertainment reduce its debt by $464 million through equity conversion by December 31, 2024?
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AMC Entertainment financial statements or official press releases
Story
AMC Entertainment Restructures $2.45 Billion Debt, Stock Halted
Jul 22, 2024, 05:51 PM
AMC Entertainment Holdings has reached an agreement with creditors to restructure its debt load. The deal involves moving US theaters into a different unit of the company and extends up to $2.45 billion of debt maturities from 2026 to 2029 and beyond. As part of the refinancing transactions, AMC will issue $1.2 billion in new secured term loans due 2029 and $414 million in exchangeable notes. The company also has the potential to reduce its debt by $464 million through equity conversion. Additionally, AMC aims to extend the maturity of approximately $1.6 billion of debt. This move aims to provide significant financial runway for AMC amid box office challenges. AMC stock is currently halted.
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