AMC Postpones Reopening of U.S. Theaters Until August

By Dave Sebastian 

AMC Entertainment Holdings Inc. is pushing back the reopening of its U.S. theaters to mid- to late August, after a number of summer blockbusters delayed their release dates because of the Covid-19 pandemic.

The nation's largest theater chain previously said it would reopen theaters at the end of July. U.S. theaters closed and Hollywood studios halted the release of major motion pictures in March as the pandemic took hold, and remain in a holding pattern as several states are experiencing a resurgence in Covid-19 cases.

AMC and other large theater chains such as Cineworld Group PLC's Regal Entertainment Group and Cinemark Holdings Inc. have been attempting to time their U.S. reopenings to coincide with the premiere of "Tenet," a highly anticipated action-thriller from director Christopher Nolan. AT&T Inc.'s Warner Bros. said this week that it indefinitely postponed the movie's release.

Another anticipated blockbuster is Walt Disney Co.'s live-action remake "Mulan," which has an Aug. 21 release date on the books.

AMC, which owns about 1,000 theaters world-wide, said about one-third of its cinemas in Europe and the Middle East have reopened. In China, where Covid-19 cases were first reported, theaters began reopening this week.

AMC said this month that it has reached an agreement with certain creditors that would help it obtain $300 million in new financing, reduce debt through a distressed bond exchange and swap $600 million in convertible notes owned by Silver Lake Group LLC into a new first lien security.

When its theaters reopen, AMC said, it will require moviegoers to wear masks. Other businesses in the U.S., including Walmart Inc., Starbucks Corp. and major U.S. airlines, have also required customers to wear face coverings.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

July 23, 2020 13:10 ET (17:10 GMT)

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