Theater chain AMC to sell up to $250M worth of stock
AMC Entertainment will sell up to $250 million worth of its stock in an at-themarket offering, the theater chain said on Thursday, as it looks to bolster its cash reserves in the face of a weak box office.
Shares of the Leawood, Kansas-based company were down more than 11% in early trading, and have fallen about 29% so far this year.
AMC will also use the proceeds to pay down its debt and has signed a deal with firms including Citigroup Global Markets, Barclays Capital and Goldman Sachs & Co for the share sale.
Last month, the company posted a biggerthan-expected loss for the fourth quarter on higher distribution costs for Taylor Swift and Beyoncé concert movies and lack of big releases from Hollywood studios after twin strikes.
As of December last year, the company has cash and cash equivalents of about $884.3 million.
Boeing’s new commercial jet chief sees ‘pivotal moment’
The new head of Boeing’s troubled commercial airplane unit said the U.S. jet maker faces a “pivotal moment” as it works to boost quality and address significant concerns from regulators and airline customers after a panel flew off a 737 MAX 9 jet in January.
“This is a pivotal moment for us, and we have serious work ahead to build trust and improve our operations,” said Stephanie Pope, who was named president and CEO of Boeing Commercial Airplanes on Monday, in an email to employees seen by Reuters.
Pope was named chief operating officer in December and retains the title after holding a wide range of prior jobs at Boeing.
On Monday, Boeing CEO Dave Calhoun announced he would leave by the end of the year, while the company’s longtime head of commercial airplanes, Stan Deal, retired effective immediately and board chair Larry Kellner stepped down and was replaced as chair by director Steve Mollenkopf.
“Our path forward is clear. We will put safety and quality above all else in order to meet and exceed the expectations of our regulators, customers, flying public and each other,” Pope said.