Owen S. Good, writing for Polygon:
Just Monday, AMC was warning investors that “there is substantial
doubt about our ability to continue as a going concern.” The
reason is obvious: the COVID-19 pandemic has savaged the movie
theater business, and the broader stimulus, payroll, and recovery
actions by the U.S. government have done little to prop it up.
Wiping out more than half-a-billion dollars in debt, though,
should take a lot of pressure off AMC in the short term. “A week
ago, it was not crazy to think this company was doomed,”
Bloomberg’s Matt Levine wrote on Thursday. “Now it is
entirely possible that it will survive and thrive and show movies
in movie theaters for decades to come because everyone went nuts
and bought meme stocks this week.”
What a week.