(Reuters) – AMC Entertainment Holdings Inc, the world’s largest theater operator, said on Friday it had enough cash balance to withstand a global suspension of operations until a partial reopening in July, as the U.S. government plans to reopen the country’s economy.
FILE PHOTO: The AMC Theatres in the Georgetown neighborhood is closed due to a global outbreak of coronavirus disease (COVID-19), in Washington, U.S., March 20, 2020. REUTERS/Joshua Roberts
Movie theaters will be the first ones to reopen under U.S. President Donald Trump’s guidelines that call for reopening of businesses shut down by the new coronavirus in three stages.
Shares of AMC surged 40% in early trading, while those of Imax Corp and Cinemark Holdings Inc rose 10% and 18%, respectively.
Thousands of theaters closed down last month and the National Association of Theatre Owners had called on the U.S. Congress and the Trump administration to provide emergency relief.
Phase one of Trump’s plan here allows…
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