AMC, Fighting Bankruptcy, to Offer 50 Million More Shares

AMC Entertainment Holdings Inc., the world’s largest cinema operator, plans to offer as many as 50 million more shares as it tries to stave off a bankruptcy filing.

The offering adds onto 200 million shares the Leawood, Kansas-based company registered earlier this month, it said in a filing dated Tuesday. AMC warned again in the new document that it might have to seek an in-court or out-of-court restructuring, which could wipe out its equity investors. The company has said it needs to raise $750 million.

AMC, Fighting Bankruptcy, to Offer 50 Million More Shares

Movie-theater owners have been hit hard by the coronavirus pandemic. The superhero sequel “Wonder Woman 1984” had the biggest theatrical opening of the crisis last weekend but generated just $16.7 million at the North American box office. Its studio, AT&T Inc.’s Warner Bros., said only 39% of U.S. cinemas were open, at limited capacity.

AMC shares fell as much as 5.2% to $2.17 in New York trading Wednesday. The stock had fallen for the previous seven trading sessions and is down 70% for the year.

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