On Friday, S&P Global Ratings lowered its issuer credit rating on AMC from CCC+ to CCC-, saying that the company’s cash burn could accelerate as it reopens venues.
Shares of movie theater owner AMC Entertainment fell 10% in morning trading after its biggest rival decided to close its theaters in response to disappointing box office results and more postponed blockbusters. Cineworld, which owns Regal Cinema, will close its U.K. and U.S. theaters this week. CEO Mooky Greidinger told Sky News that the closures could last more than two months. The stoppage follows the Friday announcement that « No Time to Die, » the newest James Bond flick, will be pushed to an April 2021 release date.
