AMC Entertainment CEO getting $3.75M bonus
Now refinanced, in October the movie chain warned about running out of cash
AMC Entertainment Holdings has approved millions in bonuses to its top executives and eligible employees as a means to preserve stockholder value during the COVID-19 pandemic, the theater operator said
AMC SAYS IT COULD RUN OUT OF CASH
In a regulatory filing on Friday, the company said Chief Executive Officer Adam Aron would receive $3.75 million as a bonus, while other top executives are entitled to bonuses of $173,000 to $507,000.
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The move comes at a time when cinema chains like AMC have taken a blow due to coronavirus-led restrictions that caused delays in film releases. The company staved off bankruptcy through a debt restructuring deal last year.
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Shares of the Leawood, Kansas-based company were also one of the "stonks" whose wild ride captivated investors several weeks ago and during which its share price surged more than 860% compared with the beginning of the year, at its highest.
AMC's shares closed down 3.4% at $8.01 on Friday.