AMC Postpones Reopening of U.S. Theaters Until August
July 23 2020 - 1:25PM
Dow Jones News
By Dave Sebastian
AMC Entertainment Holdings Inc. is pushing back the reopening of
its U.S. theaters to mid- to late August, after a number of summer
blockbusters delayed their release dates because of the Covid-19
pandemic.
The nation's largest theater chain previously said it would
reopen theaters at the end of July. U.S. theaters closed and
Hollywood studios halted the release of major motion pictures in
March as the pandemic took hold, and remain in a holding pattern as
several states are experiencing a resurgence in Covid-19 cases.
AMC and other large theater chains such as Cineworld Group PLC's
Regal Entertainment Group and Cinemark Holdings Inc. have been
attempting to time their U.S. reopenings to coincide with the
premiere of "Tenet," a highly anticipated action-thriller from
director Christopher Nolan. AT&T Inc.'s Warner Bros. said this
week that it indefinitely postponed the movie's release.
Another anticipated blockbuster is Walt Disney Co.'s live-action
remake "Mulan," which has an Aug. 21 release date on the books.
AMC, which owns about 1,000 theaters world-wide, said about
one-third of its cinemas in Europe and the Middle East have
reopened. In China, where Covid-19 cases were first reported,
theaters began reopening this week.
AMC said this month that it has reached an agreement with
certain creditors that would help it obtain $300 million in new
financing, reduce debt through a distressed bond exchange and swap
$600 million in convertible notes owned by Silver Lake Group LLC
into a new first lien security.
When its theaters reopen, AMC said, it will require moviegoers
to wear masks. Other businesses in the U.S., including Walmart
Inc., Starbucks Corp. and major U.S. airlines, have also required
customers to wear face coverings.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 23, 2020 13:10 ET (17:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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