AMC Says It Does Not Rely Upon Funding From Dalian Wanda, Or Chinese Banks

AMC Entertainment Holdings Inc. on Tuesday issued a statement to address recent media reports that it said contained inaccurate information regarding the company and its funding. "Dalian Wanda has never been a source of acquisition funding for AMC," the company said, referring to the Chinese entertainment company that owns AMC. AMC has made four acquisitions since it was taken over by Dalian in 2012 and all were funded with its own resources, it said. "At no time was Wanda ever a source of funding for any of these acquisitions or individual theatre purchases," said the company. AMC has also never received funding from Mainland China-based banks. "All committed debt financing for AMC's three most recent acquisitions were funded by a syndicate of U.S.-based banks with AMC as the borrower without financial guarantees or credit enhancements from Wanda," said the company. "The fourth acquisition was funded by AMC's available cash on hand." AMC shares rose 1.5% in early trade, but are down 41% in 2017, while the S&P 500 has gained 10%.