{"id":131740,"date":"2020-12-11T18:24:07","date_gmt":"2020-12-11T15:24:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/apollo-circling-amc-as-chain-scrambles-to-stay-afloat-sources\/"},"modified":"2020-12-11T18:24:07","modified_gmt":"2020-12-11T15:24:07","slug":"apollo-circling-amc-as-chain-scrambles-to-stay-afloat-sources","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/apollo-circling-amc-as-chain-scrambles-to-stay-afloat-sources\/","title":{"rendered":"#Apollo circling AMC as chain scrambles to stay afloat: sources"},"content":{"rendered":"

“#Apollo circling AMC as chain scrambles to stay afloat: sources<\/strong>”
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AMC Entertainment is being circled by a trio of investment firms including Apollo Global Management as the movie-theater chain scrambles to stay afloat amid the pandemic, The Post has learned.<\/p>\n

Apollo, which along with Canyon Capital Advisors and Davidson Kempner Capital Management are holders of AMC\u2019s first-lien debt, are urging the company to file for Chapter 11 bankruptcy and have offered $1 billion in debtor-in-possession financing, according to sources close to the situation.<\/p>\n

The deal would keep its theater doors open in the coming year \u2014 and land AMC in the hands of of the investment firms, the sources said. Apollo \u2014 whose embattled chief executive Leon Black is being probed over his ties to dead pedophile Jeffrey Epstein \u2014 is leading the campaign to take control of AMC, insiders said.<\/p>\n

AMC\u2019s embattled chief executive Adam Aron is resisting Apollo\u2019s overture and looking to buy time. On Friday, the company instead announced it has reached a deal to borrow $100 million in senior loans from Mudrick Capital Management at a 15-percent interest rate.<\/p>\n

\u201cAdam Aron is trying to figure out if the vaccine is on its way and will there be enough of a movie business to get past this point,\u201d according to a source close to the talks.<\/p>\n

In a written statement, AMC on Friday confirmed that \u201ccertain first-lien creditors and other parties have indicated a willingness to provide financing in a bankruptcy scenario, including debtor-in-possession financing,\u201d without naming Apollo or the other firms.<\/p>\n

The theater chain also admitted that the $100 million loan from Mudrick won\u2019t keep the lights on past January, and that it will need at least another $750 million in cash to stay afloat through next year.<\/p>\n

Accordingly, the company said it\u2019s looking at other alternatives to Apollo\u2019s proposal, including converting some second-lien debt to equity and issuing new stock to raise cash.<\/p>\n

It\u2019s not clear what investor app<\/a>etites will be for more AMC shares, insiders said \u2014 especially after Warner Bros. announced this week that its entire movie slate for 2021 will be released simultaneously in theaters and on its HBO Max home-streaming service. The risk that other studios including Disney could adopt similar strategies is uncertain, sources said.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Apollo circling AMC as chain scrambles to stay afloat: sources” AMC Entertainment is being circled by a trio of investment firms including Apollo Global Management as the movie-theater chain scrambles to stay afloat amid the pandemic, The Post has learned. Apollo, which along with Canyon Capital Advisors and Davidson Kempner Capital Management are holders of…<\/p>\n","protected":false},"author":1,"featured_media":131741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/amc-apollo-bankruptcy-e1607700013567.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[83390,73689,72964,4978,72968],"class_list":["post-131740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-11-20","tag-amc-entertainment","tag-apollo-global-management","tag-bankruptcy","tag-leon-black"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=131740"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/131741"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=131740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=131740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=131740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}