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AMC Chief Adam Aron Gets $3.75 Million Bonus

AMC Chief Adam Aron Gets $3.75 Million Bonus
Brent Lang, provided by
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AMC Entertainment CEO Adam Aron received a $3.75 million bonus at a time when many of the company’s employees have been laid off and several of its theaters are closed due to COVID-19, according to public filings.
It’s been a grueling period for the world’s largest theater chain, one that has seen its cinemas shuttered indefinitely or operating at reduced capacity for much of the last 12 months as the coronavirus pandemic raged. AMC Entertainment, which was heavily leveraged heading into the pandemic, was believed to be on the verge of bankruptcy. However, Aron and his team were able to renegotiate the company’s substantial debt at several points and AMC now says it has raised enough capital to keep itself operational through the winter. AMC Entertainment piled on debt in recent years as it outfitted locations with enhanced seating and purchased competitors such as Carmike Cinemas and UCI & Odeon Cinema Group.

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AMC CEO Adam Aron Says New Financing Deal Means Imminent Bankruptcy Is 'Completely Off the Table'

AMC CEO Adam Aron Says New Financing Deal Means Imminent Bankruptcy Is 'Completely Off the Table'
Rebecca Rubin, provided by
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AMC Theaters delivered a sobering message last December, warning that the world’s largest cinema chain could run out of cash by early 2021 due to mounting challenges posed by the coronavirus pandemic. On Monday, the company announced a reversal of fortune. It raised nearly $917 million in funding since then, allowing AMC to avert bankruptcy for several months.
It’s a promising development for a beleaguered company, yet AMC and the rest of the film exhibition industry are hardly out of the woods — even with the ongoing vaccine rollout. The news of AMC’s debt and equity financing comes shortly after MGM postponed the release of “No Time to Die” for a third time, the latest bump moving it from April to early October. Bond’s vacancy sparked a release date exodus from the first half of the year, with “Morbius,” “Ghostbusters: Afterlife,” “The King’s Man” and “A Quiet Place Part II” all relocating to fall or later. Many predict that Universal’s “F9” and Disney’s “Black Widow” may alter release plans as well, which would further impede plans for a grand return to moviegoing.

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