American multinational cable (AMC) in a filing with the Securities and Exchange Commission on Wednesday, said the discussions with Cineworld lenders regarding assets in the U.S. and Europe had ended. The decision was taken after AMC reported another quarterly loss last month despite an increase in revenue, as the theater chain spent more than it brought in.
Cineworld, which is based in the United Kingdom, had been in discussions with AMC to hand over some of its theaters after filing for Chapter 11 bankruptcy in September.
The world’s largest movie theater company has been trying to reduce its debt loads, which were worsened during the pandemic when people crouched down at home while streaming services boomed. Though audience attendance has bounced back recently, the disruption of movie production over the past two years has left theater operators such as AMC hurting for new releases to boost ticket sales.
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