Debt ratings agency S&P Global Ratings said it expected AMC's theaters to remain closed beyond June
S&P Global expects the mega-exhibitor could have a"liquidity shortfall" within six months without reducing its borrowings or getting a waiver from its lenders.
The ratings agency said it expected AMC's theaters to remain closed beyond June. "We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer, and we believe the company will likely breach its 6x net senior secured leverage covenant when tested on Sept. 30, 2020, absent a waiver from its lenders," S&P Global said in a ratings note.
That was after the exhibition giant unveiled a "50-50" policy through April 30 to limit attendance at movie screenings amid the coronavirus. But the U.S. market's largest cinema chain closed all 600 of its stateside locations on March 17 as the coronavirus outbreak dramatically spread.
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