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AMC to sell 50 million more shares, avoid bankruptcy filing

In an attempt to avoid a bankruptcy filing, Leawood-based AMC plans to offer 50 million Class A Common Stock for an estimated aggregate of over $124 million. This adds to the previous 200 million shares put up for sale in early December.

Leawood-based AMC Entertainment Holdings Inc. plans to sell up to 50 million more shares as it tries to prevent a bankruptcy filing.

The movie theater chain said in a filing to the Securities and Exchange Commission that it plans to offer up to 50 million class A common stock from time to time for estimated proceeds of up to $124.75 million.

AMC said it would use the proceeds for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness or capital stock, working capital, capital expenditures and other investments.

The latest offering would add onto the 200 million shares AMC registered earlier this month. AMC said as of Dec. 28,  it sold about 38 million of shares under the earlier offering, yielding total net proceeds of $104.2 million.

AMC also was thrown a lifeline earlier this month after landing a $100 million investment from New York City-based Mudrick Capital Management.