AMC Theaters CEO Adam Aron told employees in an internal email that the company “got the money” and that “recent press reports of financial disaster for AMC in the next 2 or 3 months have happily been proven to be flat out wrong”.
Aron cited $500 million in new financing combined with existing funds the company had available, amounting to a total of $750 million which he said was what the company would normally spend in fifty days. With no payments going to staff, supplies or film rents, the CEO said the company would strive to lengthen their financial runway well into 2021.
The letter, leaked online, notes that rereleases of older films may occur after some locations open, but that the chain “can not do so for too long” as Aron thinks theaters “are not likely to be all that successful merely with older film product”.
While there is no timeline given, Aron notes the company won’t allow itself to “buckle under political pressure to open prematurely”.
“Openings in June and July are possible but not definite,” wrote Aron. “Is it possible that June and July will be our months for the lights of AMC and Odeon to shine brightly once again? Hopefully, yes. But is it possible that our re-opening is delayed beyond then? If life has taught us all anything in the past couple of months, it is literally that anything is possible.”
The full letter can be found below.
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