Author Topic: AMC - AMC Entertainment Holdings  (Read 33511 times)

txvalue

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Re: AMC - AMC Entertainment Holdings
« Reply #180 on: July 29, 2020, 06:53:19 AM »
Anyone have thoughts on the deal w/ Comcast Universal to shrink the window to 17 days before PVOD in certain cases?

Details are scant so it is hard to tell how it will play out and what the deal will mean for other studios and exhibitors. The general industry feedback seems to be that it was an unforced error on AMC's side. Anyone have color on what the PVOD splits might look like? I could see this being not a big deal if it just applies to smaller titles or films that underperform but I wasn't expecting the window to get this compressed this quickly.

https://deadline.com/2020/07/universal-amc-theatres-theatrical-window-crush-pvod-agreement-1202997573/


5xEBITDA

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Re: AMC - AMC Entertainment Holdings
« Reply #181 on: July 29, 2020, 06:56:31 AM »
I like to daydream that Universal was like "we own $50 million of your bonds, agree to the window reduction or you don't get your stupid exchange done"

Foreign Tuffett

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Re: AMC - AMC Entertainment Holdings
« Reply #182 on: August 03, 2020, 01:06:15 PM »
Baupost/Klarman with some thoughts that are similar to what was being posted in this thread back in June:

"Movie theater chain AMC provides a fascinating illustration of the equity market’s
optimism in the face of extremely adverse business conditions. With all its U.S. theatres closed,
the company reported on June 3rd that “substantial doubt exists about our ability to continue as a
going concern for a reasonable period of time.” Nevertheless, soon after this filing, shares of AMC
actually traded above their early-February level. By contrast, over this same time period, AMC’s
subordinated bonds reflected a much harsher reality, trading down from 90 to 30 cents on the
dollar.
"

https://www.cornerofberkshireandfairfax.ca/forum/general-discussion/baupost-q4-2017-letter/30/
Former Teldar Paper Vice President

roark33

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Re: AMC - AMC Entertainment Holdings
« Reply #183 on: August 03, 2020, 04:15:13 PM »
To be fair, the unsecured have really gotten screwed in this process because the covenants were so "lite" that AMC has been able to add new debt ahead of them in the capital structure.  The debt markets have been fairly friendly to AMC throughout this process--and that is the reason the equity has retained some value, and even increased as the equity has realized that the runway is longer than initially expected.