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AMC warns it must sell shares or go bankrupt

Company announced earlier it could run out of money by end of year

CNN Newsource

Concessions workers stock the bins with popcorn and other treats as the theatre opens for some of the first showings at the AMC theatre when it re-opened for the first time since shutting down at the start of the COVID-19 pandemic, Thursday, Aug. 20, 2020, in West Homestead, Pa. (AP Photo/Keith Srakocic) (Keith Srakocic, Copyright 2020 The Associated Press. All rights reserved)

The world’s largest theater chain warns that it may have to file bankruptcy soon.

ACM Theaters disclosed in a filing Tuesday with the Securities and Exchange Commission that it has a deal for additional sources of liquidity.

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That deal is with CitiGroup Global Markets and Goldman Sachs to sell 15 million shares.

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The theatre says if the agreement does not pan out it could likely face Chapter 11 bankruptcy.

Earlier this month, AMC announced it could run out of money by the end of the year.

Despite these challenges, the movie theater chain has said it will remain open.

Copyright 2020 by CNN Newsource - All rights reserved.

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