AMC Entertainment Holdings Inc. (AMC) said Monday it has reached an agreement to sell its Baltic Region theaters to UP Invest, owner of a Baltics cinema group, for about $77 million. The acquisition includes all nine AMC theater locations in Latvia, Lithuania and Estonia, the company said in a statement. "This transaction marks yet another bold and decisive action taken, on the heels of our capital raising in April and debt restructuring and capital raising in July, to bolster our liquidity and strengthen our balance sheet at a transaction multiple that underscores the inherent value of our theatre portfolio and resilience of our business," Chief Executive Adam Aron said in the statement. The company is "encouraged" by attendance levels at the theaters that have reopened in Europe, and the roughly 300 that are open in the U.S., where AMC is the biggest operator of cinemas. Shares were up 1.8% premarket, and are down 13% in the year to date, while the S&P 500 has gained 8.6%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 31, 2020 06:53 ET (10:53 GMT)
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