Bloomberg
(Bloomberg) — A group of AMC Entertainment Holdings Inc. bondholders is kicking off confidential talks with the theater chain, prompting some of its notes to tumble amid concerns a broader debt move may be afoot.
Some holders of the 15% bonds are entering restricted talks with AMC, according to people familiar with the matter, who asked not to be identified discussing private information. The notes, which are due in February 2029, dropped more than 5 cents on the dollar on Friday to 98.5 cents, the most since they were issued in July last year, according to data compiled by Bloomberg.
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The sell off underscores anxiety among other investors about what next steps the company is working on following a series of maneuvers to manage its debt burden. AMC reached a sweeping restructuring deal in 2024 that allowed it to delay repayment on some borrowings and moved theaters and intellectual property out of reach of some of its creditors. That transaction was litigated by a group of lenders and settled with a subsequent deal that allowed it to raise new money.
A representative for AMC didn’t immediately respond to a request for comment.
AMC had been chipping away at its maturities through other debt swaps and buybacks amid uneven ticket sales since the pandemic lockdowns. In November, the company reported third-quarter declines in attendance, revenue and earnings, citing “industrywide softness” in the period.
At that time, Chief Executive Officer Adam Aron said it wasn’t a “harbinger of some negative trend.” The company predicted the fourth-quarter industrywide box office will be the highest grossing fourth quarter in six years, he said then.
–With assistance from Thomas Buckley and Irene García Pérez.
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