Replies to post #11710 on Keeping It Simple

[eastunder]

3 days ago -

Market Chatter: AMC Reportedly in Discussions for Potential Financing Package Backed by European Assets -- Shares Pop
3:45 PM ET, 01/06/2021 - MT Newswires

03:45 PM EST, 01/06/2021 (MT Newswires) -- AMC Entertainment (AMC) is in discussions with top creditors including Apollo Global Management (APO) and Ares Management (ARES) over a potential financing deal backed by the movie theater operator's European assets, The Wall Street Journal reported Wednesday, citing unidentified sources.

AMC, which since October has warned that it may file for bankruptcy as COVID-19 pandemic restrictions shut down theaters across the globe, is negotiating with these lenders to expand the line of credit available to its UK-based Odeon Cinemas Group unit, WSJ reported, citing those sources.

Odeon, acquired by AMC in 2016, has a 100 million-pound ($136 million) revolving credit facility, which was fully drawn as of September, according to the report.

Shares of AMC spiked as much as 12.6% in intraday trade Wednesday, before easing off to trade up 2.7% recently.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)