The largest theater chain in the world just got a $100 million shot in the arm.
On Friday, AMC said Mudrick Capital Management had agreed to invest the sum to help the cash-strapped movie theater chain survive the ongoing coronavirus pandemic.
The cinema chain will still need at least $750 million of additional liquidity to fund cash requirements through 2021.
“Given the uncertainty regarding our ability to raise material amounts of additional liquidity and the
uncertainty as to the time at which attendance levels might normalize, substantial doubt exists about the company’s ability to continue as a going concern for a reasonable period of time,” AMC said in a regulatory filing.
Shares of the company were down 1% in premarket trading Friday.