CEO Adam Aron took to Twitter to announce that AMC has bought back $35 million of its most expensive debt, which had an interest rate of 15%. It has a potential savings of $5 million a year.
Although AMC has about $5 billion in debt, it currently has more than $2 billion cash sitting in its bank account. During their Q2 (2021) earnings call, CEO Adam Aron vowed to go on the offence, indicating AMC’s aggressive intent to pay off debts.
In its most recent move, the world’s largest theatre chain will start accepting popular cryptocurrencies to purchase tickets. Cryptocurrencies include Bitcoin, Ethereum, Litecoin, Bitcoin cash and most recently, Dogecoin.
Since July, AMC has started premiering live sporting events on select screens in a string of investor favourite actions. Their first-ever event was UFC 264 – shown in 95 US AMC screens.
With Venom-2 hitting theatres today and the new James Bond film releasing on Oct 8th, all eyes are on the theatre chain.