AMC chief Aron touts cash amid Cineworld bankruptcy (NYSE:AMC)

Matt Winkelmeyer

With Cineworld (OTCPK:CNNWF) Chapter 11 filing for bankruptcy, rival CEO Adam Aron of AMC Entertainment (New York Stock Exchange: AMC) tweets through it and seeks to reassure those worried about the liquidity of the world’s largest cinema chain.

“Cineworld/Regal Fair has filed for Chapter 11 bankruptcy for its cinemas in the United States and the United Kingdom”, Aaron said. “Fortunately, AMC is in a very, very different situation – because retail investors embraced us and let us raise tons of cash. Thank you retail! You really saved AMC.”

Cineworld shares rose double digits in London on Wednesday; its shares hold at pennies in the United States rose-sheet business. AMC (AMC) stock went from a brief morning gain to a 2% decrease Wednesday noon.

On Tuesday night, Aron took pains to highlight the differences between his channel and Cineworld. “AMC ended the last quarter with over $1 billion in cash,” he said. said. “Furthermore, we believe AMC can easily raise funds. The best thing AMC can do for our shareholders is to continue to have ample cash on hand.”

He clarified on Wednesday morning: “Extremely important, especially for those who mistakenly fear dilution. I own 793,974 AMC shares/APE units and another 2,100,074 have already been acquired on 2023/24. My clear objective: to guide AMC intelligently in these difficult times. to do this ? Get a ton of money in the bank!”

“What I mean is I’m an AMC shareholder. A very big shareholder,” Aron said. “My incentives are to help shareholders, not hurt them. If I hurt you, I hurt myself. Why would I want to do this? To the best of my ability, my plan is to strengthen AMC and make it prosper.”

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