AMC said it had obtained $100 million in financing from Mudrick Capital Management, a distressed debt investment firm in New York.
The firm sold five-year notes with a 15% interest rate.
With the vaccine being delivered and promises of accelerating vaccination programs in the months ahead, could AMC stock make it through the other side of this and recover? Raising $100 million is nice. But it needs a total of $750 million to survive through the end of the year. Its existing lenders, including private equity giant Apollo Global Management Inc. (NYSE: APO), distressed debt investor Canyon Capital, and Davidson Kempner Capital Management, are pushing AMC to file bankruptcy.
Word is Amazon is interested in buying out the company for about a half billion dollars. AMC is not over yet to my surprise! Could hit to $5/share but end of Jan or sooner!
The firm sold five-year notes with a 15% interest rate.
With the vaccine being delivered and promises of accelerating vaccination programs in the months ahead, could AMC stock make it through the other side of this and recover? Raising $100 million is nice. But it needs a total of $750 million to survive through the end of the year. Its existing lenders, including private equity giant Apollo Global Management Inc. (NYSE: APO), distressed debt investor Canyon Capital, and Davidson Kempner Capital Management, are pushing AMC to file bankruptcy.
Word is Amazon is interested in buying out the company for about a half billion dollars. AMC is not over yet to my surprise! Could hit to $5/share but end of Jan or sooner!