Embattled AMC Entertainment Holdings has opted to delay submitting its monetary experiences due to the coronavirus pandemic, which has resulted within the exhibitor closing all its theaters.
In an 8-Okay submitting with the Securities and Change Fee, the corporate mentioned on Wednesday that it’s going to delay submitting its first-quarter outcomes and its proxy till June.
“COVID-19 has created substantial disruption within the Firm’s operations together with the suspension of all theatre operations worldwide ensuing within the cessation of basically all revenues,” AMC mentioned. “Because of this, all corporate-level workers have been both totally or partially furloughed, considerably limiting the assets out there to put together the Delayed Filings. Moreover, to the extent corporate-level workers proceed to work, they’re required to accomplish that from their properties due to native governmental orders which has decreased effectivity in fulfilling the duties mandatory to full the Delayed Filings.”
The corporate additionally mentioned it plans to to file the proxy assertion by June 15 and first-quarter earnings by June 24. It has scheduled its annual assembly of shareholders for July 29, however has not disclosed the placement.
The submitting comes a day after AMC vowed that it gained’t display Common titles, in response to the studio’s plans to launch future films on premium video on demand concurrently they launch in theaters. NBCUniversal CEO Jeff Shell made that announcement on Tuesday, citing the robust premium VOD efficiency of “Trolls World Tour.”
AMC’s struggle with Common comes because the chain already faces the prospect of staying shut for a number of extra months due to the worldwide well being disaster. AMC Entertainment unveiled plans on April 16 to increase $500 million in new debt to enhance its steadiness sheet. The funds from the senior notes providing, which could have to be repaid in 2025, needs to be sufficient to maintain the corporate going till the center of the summer time, AMC mentioned in a submitting.
Wall Avenue analysts have been speculating this month that the chain may additionally be getting ready to submitting for chapter. The probability of a chapter reorganization doesn’t imply that AMC’s 634 areas within the U.S. and Canada — and greater than 1,000 venues worldwide — might be closing their doorways for good.