Home / Business / AMC surges after WSJ file that it is operating to keep away from chapter

AMC surges after WSJ file that it is operating to keep away from chapter

A clinical employee dressed in a masks walks close to the AMC film theater in Instances Sq. amid the coronavirus pandemic on Would possibly 7, 2020 in New York Town.

Alexi Rosenfeld | Getty Pictures

AMC Leisure stocks jumped up to 21% after the shut of standard buying and selling on Tuesday following a tale within the Wall Boulevard Magazine that the film theater corporate is nearing a deal to keep away from near-term chapter.

The Magazine, bringing up folks conversant in the subject, stated AMC is operating on a restructuring deal, led by way of Silver Lake, that might have bondholders supply a $200 million mortgage, swapping out “their unsecured claims at a bargain.” AMC would take that path over a financing be offering from Apollo International and different lenders, the Magazine reported.

As of Tuesday’s shut, AMC had misplaced 40% of its worth this 12 months. The corporate has been battered by way of the coronavirus, which has compelled film theaters around the nation to near in March. AMC says it is going to start reopening theaters in waves on July 30, about two weeks later than it up to now anticipated. Even with theaters opening up for the primary time in months, there is not any ensure that shoppers will rush to be indoors surrounded by way of others.

AMC stocks rose as prime as $four.99 in prolonged buying and selling after last at $four.13. The corporate’s marketplace cap is under $500 million.

WATCH: AMC delays opening of 450 U.S. theaters till July 30

A clinical employee dressed in a masks walks close to the AMC film theater in Instances Sq. amid the coronavirus pandemic on Would possibly 7, 2020 in New York Town.

Alexi Rosenfeld | Getty Pictures

AMC Leisure stocks jumped up to 21% after the shut of standard buying and selling on Tuesday following a tale within the Wall Boulevard Magazine that the film theater corporate is nearing a deal to keep away from near-term chapter.

The Magazine, bringing up folks conversant in the subject, stated AMC is operating on a restructuring deal, led by way of Silver Lake, that might have bondholders supply a $200 million mortgage, swapping out “their unsecured claims at a bargain.” AMC would take that path over a financing be offering from Apollo International and different lenders, the Magazine reported.

As of Tuesday’s shut, AMC had misplaced 40% of its worth this 12 months. The corporate has been battered by way of the coronavirus, which has compelled film theaters around the nation to near in March. AMC says it is going to start reopening theaters in waves on July 30, about two weeks later than it up to now anticipated. Even with theaters opening up for the primary time in months, there is not any ensure that shoppers will rush to be indoors surrounded by way of others.

AMC stocks rose as prime as $four.99 in prolonged buying and selling after last at $four.13. The corporate’s marketplace cap is under $500 million.

WATCH: AMC delays opening of 450 U.S. theaters till July 30

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