The company said Monday that it has signed a deal to sell nine venues across Latvia, Lithuania and Estonia — cinemas AMC took on as part of its $929 million 2017 acquisition of Nordic Cinema Group. UP Invest, owners of a Baltics cinema group, will acquire all nine cinemas.
AMC president and CEO Adam Aron said the agreement 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.”
Aron continued, “We continue to be encouraged by attendance levels at theatres that have reopened in Europe, where essentially all theatres are open, and in the U.S., where almost 300 theatres are currently open for business.” The executive said “growing consumer confidence” in AMC’s cleaning and safety protocols continue generate increased attendance and food and beverage spend.
The agreement calls for AMC to receive approximately half of the sale proceeds on signing and the balance upon closing in each country after antitrust resolution in the coming months.
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