AMC tumbles as Cineworld stares at possible bankruptcy

Marcus

22/08/2022 10:30

** U.S.-listed cinema stocks tumble as Cineworld  CINE.L ,
the world's second-largest cinema operator, stared at a possible
bankruptcy filing  urn:newsml:reuters.com:*:nL4N2ZY1A4
    ** Cineworld, which had $8.9 billion of net debt at the end
of 2021, said last week lack of blockbusters was keeping
movie-goers away and hurting its cash flows
    ** AMC Entertainment  AMC.N  sheds 36% premarket urn:newsml:reuters.com:*:nL4N2ZU39O
    ** Retail darling AMC, which was also debt-laden in 2020,
managed to raise $1.8 bln in equity, taking advantage of the
retail frenzy
    ** The meme stock AMC has lost nearly a third of its value
in the past three days
    ** AMC's planned 517 mln preferred shares under the symbol
"APE", a tribute to the retail investors, will begin trading on
NYSE on Monday

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))