{"id":5483,"date":"2020-12-29T08:00:00","date_gmt":"2020-12-29T13:00:00","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=5483"},"modified":"2020-12-11T09:17:26","modified_gmt":"2020-12-11T14:17:26","slug":"theater-chain-amc-says-it-could-run-out-of-cash-by-year-end","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=5483","title":{"rendered":"Theater Chain AMC Says It Could Run Out of Cash by Year-End"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2016\/05\/bankruptcy.jpg\" alt=\"\" class=\"wp-image-2918\" width=\"329\" height=\"218\" srcset=\"https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2016\/05\/bankruptcy.jpg 425w, https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2016\/05\/bankruptcy-300x199.jpg 300w\" sizes=\"auto, (max-width: 329px) 100vw, 329px\" \/><\/figure><\/div>\n\n\n\n<p>The world\u2019s largest movie-theater company may run out of cash by year\u2019s end if it doesn\u2019t raise additional funds or get more people back to theaters following pandemic shutdowns that have disrupted businesses dependent on consumers gathering in public spaces, the\u00a0<em>Wall Street Journal<\/em>\u00a0reported. AMC Entertainment Holdings Inc. said yesterday that it has reopened 83 percent of its U.S. theaters, but that attendance is down about 85 percent at those theaters from the year before. At the company\u2019s current cash-burn rate, its reserves would be depleted by the end of this year or early next year, Kansas-based AMC said. In related news, AMC Entertainment Holdings Inc. Chief Executive Adam Aron talked with\u00a0<em>WSJ Pro Bankruptcy<\/em>\u00a0about the impact of the coronavirus pandemic on the movie-theater industry and on his company, the sector\u2019s largest. One of the main issues, he said, is that New York state and certain major metropolitan areas in California such as Los Angeles haven\u2019t allowed cinemas to reopen, prompting studios to delay major releases. A spokeswoman for New York Gov. Andrew Cuomo, a Democrat, said yesterday that the state is concerned about movie theaters because they involve large groups spending extended time together indoors, as well as lobby congestion when customers arrive and leave. &#8220;Movie studios cannot afford to open movies in the U.S. if they cannot also open them in New York,&#8221; Aron said. &#8220;As a result of that, the entire movie industry is waiting for New York to bless the reopening of theaters, and understandably so.&#8221; AMC yesterday warned that it could run out of cash by year\u2019s end if it doesn\u2019t raise additional funds or get more people back to theaters. &#8220;We\u2019ve been going through $100 million a month, waiting for the movie industry to recover, which can only happen when New York reopens,&#8221; Aron said.\u00a0<\/p>\n\n\n\n<p>Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at&nbsp;<a href=\"mailto:https:\/\/www.hoorfarlaw.com\/\">hoorfarlaw.com<\/a>&nbsp;to schedule an appointment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s largest movie-theater company may run out of cash by year\u2019s end if it doesn\u2019t raise additional funds or get more people back to theaters following pandemic shutdowns that have disrupted businesses dependent on consumers gathering in public spaces, &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=5483\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[267,76,736],"class_list":["post-5483","post","type-post","status-publish","format-standard","hentry","category-general","tag-attorney","tag-bankruptcy","tag-debt"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5483"}],"version-history":[{"count":2,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5483\/revisions"}],"predecessor-version":[{"id":5530,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5483\/revisions\/5530"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}