AMC Issues $500M In Debt To Stay Liquid; Shares Spike On U.S. Reopening Plan

Entertainment shares roared to life in after-hours trading, rising as much as 37% after the company announced a $500 million debt sale and the White House announced sweeping measures to reopen U.S. businesses.

The No. 1 theater circuit has fallen on extremely tough times, shutting doors to its theaters weeks ago as the COVID-19 crisis has ripped across the world. President Donald Trump on Thursday evening confirmed that movie theaters would be part of the initial phase of his proposal to reopen major parts of the economy.

Beaten-down shares in AMC, which closed the regular trading day at $2.44, shot up to $3.35 after hours. CEO Adam Aron has expressed hope that theaters in the U.S. might reopen by the end of June, salvaging some of the all-important summer blockbuster season and setting up a packed second half of the year. The theater circuit has been the subject of bankruptcy rumors in recent months. A Chapter 11 filing would enable the chain to keep operating (a good thing for Hollywood, as Deadline has

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