AMC Theatres says it has raised enough money that imminent bankruptcy is 'off the table'

AMC Theatres
(Image credit: Getty Images)

Even as upcoming films face new delays due to the COVID-19 pandemic, AMC Theaters' CEO says he's feeling "optimistic and encouraged," as the company has avoided imminent bankruptcy.

AMC, the largest movie theater chain in the world, announced Monday it has raised $917 million since last month, which it said "should allow the company to make it through this dark coronavirus-impacted winter."

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"As we look ahead into summer and next fall, movies will get released again and consumers will go back to movie theaters again," Aron said. "So as I look ahead, I'm quite optimistic and encouraged."

In a securities filing, AMC said it has enough money to "keep running until July if attendance does not begin to recover, and the full year if it does," The New York Times reports. The Times notes this was the fifth time AMC has avoided bankruptcy in less than one year.

This comes after numerous films postponed their release dates once again, most notably the highly-anticipated James Bond film No Time to Die, which was delayed from April to October. More delays are expected to follow, and it's unclear whether big movies will return exclusively to theaters on a regular basis earlier than the fall. Even once blockbusters begin to hit theaters again, though, it's an open question how long it may take for consumers to return at pre-pandemic levels.

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Brendan Morrow

Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.