Shares of AMC Entertainment Holdings [$AMC] elevated over 9% in the extended session Monday after the movie-theater company announced it would open all of its 13 theaters in New York City starting March 5, following the state’s decision to allow theaters to open at 25% capacity.
Back in December of 2020, AMC received an injection of cash from Mudrick Capital Management as it scrambled to tidy up its books and avoid bankruptcy. Mudrick, a New York firm that specializes in distressed debt investing, purchased $100 million of pay-in-kind bonds due in 2026. Anything to stay afloat, right?
AMC will enforce social distancing and automatic seat blocking, mandate masks, and has upgraded filtration systems, among other measures, it said. “Gov. Cuomo’s announcement that movie theaters can reopen in New York City in the first week of March is another important step towards restoring the health of the movie theatre industry and of our company,” CEO Adam Aron said in a statement.