AMC Entertainment CEO getting $3.75M bonus
Now refinanced, in October the movie chain warned about running out of cash
'We bought ourselves a lot of time,' CEO Adam Aron tells' The Claman Countdown'
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.