(Reuters) – AMC Entertainment Holdings Inc (AMC.N), the world’s largest movie theater operator, said on Friday it has enough cash to withstand a global suspension of operations until a possible partial reopening of its locations in July.
FILE PHOTO: Deckchairs sit stacked outside a closed movie theater during the global outbreak of coronavirus (COVID-19) in Santa Monica, California, U.S., March 16, 2020. REUTERS/Lucy Nicholson/File Photo
The company said it was seeking to raise $500 million in a new debt offering that would provide enough liquidity to withstand coronavirus-related closures until the U.S. Thanksgiving holiday, on Nov. 26, if necessary.
Movie theaters worldwide have been shuttered since mid-March to help prevent further spread of the novel coronavirus. In the United States, the individual states are now considering when to allow businesses to reopen.
Shares of AMC surged on Friday, closing up 31% at $3.20 on the New York Stock Exchange. Shares of rival Imax Corp (
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