AMC Entertainment Holdings Inc. (NYSE:AMC) said on Wednesday that it had cut debt by about $40 million as part of a refinancing agreement announced in July.
This move, which did not involve issuing new shares or using cash, brought down the movie theater operator’s total debt by $183 million, as it recovers from the pandemic slump.
In July, the company struck an agreement to strengthen its balance sheet by raising approximately $223.3 million of new money financing and immediately converting at least $143 million of debt into equity.
Box Office Strongest In 5 Years, CEO Says
AMC CEO Adam Aron said the company was “well-positioned” as the box office recovery continues.
“With 2025 well on pace to be the strongest box office in five years and an even stronger film slate scheduled for 2026, we have an extraordinary backdrop for AMC's ongoing recovery," he added.
AMC operates about 900 theaters with 10,000 screens around the world, making it the largest movie exhibition company in the United States and Europe.
AMC Price Action: The stock was trading at around $2.91 a piece during the premarket session on Wednesday, according to data from Benzinga Pro.
Benzinga's Edge Stock Rankings highlight that AMC has a poor Growth score of 37.43. Track the performance of other players in this segment.
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