AMC Entertainment Holdings has reached a pivotal refinancing agreement with its creditors, extending up to $2.45 billion in debt maturities from 2026 to 2029 and beyond. This strategic move aims to stabilize the debt-laden theater chain, which has been navigating the financial aftermath of last year's Hollywood strikes that halted productions and impacted theaters nationwide.
In a statement, AMC CEO Adam Aron expressed optimism about the future: "The box office challenges of the first half of 2024 are now in the rear-view mirror. The recovery momentum is back. We expect strong year-over-year box office growth in the back half of 2024, continuing into 2025 and 2026."
The refinancing deal involves AMC issuing $1.2 billion in new secured term loans due in 2029. These will be used to purchase senior secured term loans due in 2026 on the open market. Additionally, AMC will issue approximately $414 million in exchangeable notes for cash, with the proceeds used to repurchase around $414 million of second-lien notes. This move will also allow AMC to reduce its debt by $464 million by converting exchangeable notes into equity.
This announcement coincides with the 49th edition of the Toronto International Film Festival (TIFF), which has unveiled a star-studded lineup of Galas and Special Presentations. The festival, which has rebounded with full vigor following last year's actors' strike, boasts 29 titles with rights for sale, highlighting a diverse range of films and directors.
Among the world premieres is Angelina Jolie's war drama "Without Blood," starring Salma Hayek and Demián Bichir. The film, based on the Alessandro Baricco novel, marks Jolie's latest directorial effort. Mike Leigh returns after a six-year hiatus with "Hard Truths," featuring Marianne Jean-Baptiste, offering a tragicomic exploration of contemporary human strengths and weaknesses.
Gia Coppola's "The Last Showgirl," starring Dave Bautista, Jamie Lee Curtis, Kiernan Shipka, and Billie Lourd, follows a seasoned stage dancer facing an uncertain future after her show abruptly ends following a 30-year run. William Goldenberg's directorial debut "Unstoppable," an Amazon sports biopic starring Jennifer Lopez, and Rachel Morrison's "The Fire Inside," add to the festival's rich tapestry of new voices and stories.
A24's Florence Pugh-Andrew Garfield romantic drama "We Live in Time" and Hugh Grant's horror thriller "Heretic" from "A Quiet Place" writers Scott Beck and Bryan Woods are also highly anticipated. David Mackenzie's thriller "Relay," starring Lily James, Sam Worthington, and Willa Fitzgerald, centers on a broker of lucrative payoffs who breaks his own rules to protect a new client.
Noteworthy films also include Alicia Vikander and Elizabeth Olsen's sci-fi movie "The Assessment," and the international premiere of Edward Berger's papal movie "Conclave," starring Ralph Fiennes, which will be released in U.S. theaters on November 1. Fiennes also stars in "The Return," reuniting with Juliette Binoche in a film set for a December release.
Documentary highlights include Morgan Neville's "Piece by Piece," a Lego-themed documentary about Pharrell Williams, set to premiere at TIFF. The festival will also feature several Cannes favorites, such as Neon's Palme d'Or winner "Anora" from Sean Baker and Andrea Arnold's "Bird."
In addition to the cinematic offerings, the world premiere of the Hulu documentary "Road Diary: Bruce Springsteen and The E Street Band" is expected to draw significant attention, potentially featuring an appearance by the 20-time Grammy winner himself.
