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Odeon cinema chain owner AMC running out of money

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US entertainment group which owns Odeon cinema chain in UK warns it is running out of money

By Daily Mail City & Finance Reporter

Published: | Updated:

The US entertainment group which owns the Odeon cinema chain in the UK has warned it is running out of money. 

AMC said it had received £73m from private equity group Mudrick Capital, but added that it needed another £554m to avoid going bust. 

Warning: AMC said it had received £73m from private equity group Mudrick Capital, but added that it needed another £554m to avoid going bust

Warning: AMC said it had received £73m from private equity group Mudrick Capital, but added that it needed another £554m to avoid going bust

At the end of last month, AMC had around £236m in cash, a sum it expects to be depleted by January as coronavirus continues to force cinemas to close their doors. 

AMC’s problems have been compounded by film studios who have released films through their streaming platforms, depriving cinemas of the content they desperately need to lure moviegoers back once the pandemic subsides.

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source: dailymail.co.uk