AMC Entertainment is inching closer to a possible bankruptcy.
The largest U.S. largest movie theater chain, whose cinema houses have been shuttered nationwide since mid-March because of the coronavirus epidemic, is in talks to hire law firm Weil Gotshal & Manges to explore a potential Chapter 11 filing, The Post has learned.
Weil Gotshal’s team is headed up by lawyer Ray Schrock, who lately has worked as bankruptcy counsel to California utility PG&E, the Fairway supermarket chain, and retail icon Sears Holdings, many of whose stores got taken over by billionaire Eddie Lampert.
The insider cautioned that “it’s early stages” and that it’s not clear whether the theater chain has hired any other advisors for the possible restructuring. Nevertheless, a bankruptcy filing looks increasingly likely as the company has already begun to skip rent across its locations, according to the source.
“You don’t hire Ray unless you are filing,” the source said. “You are not going to hire them at their hourly rate to have a beer with them.”
Personally, I GREATLY prefer the historic Avon Theater in downtown Decatur over the AMC megaplex in Forsyth (and Mt. Zion).
Both theaters use to be GKC before AMC swooped-in and grabbed them. If AMC goes out of the picture, I'm not sure who would/could swoop-in and keep them running. Even if AMC survives bankruptcy, will they keep both theaters open -- or close one?
Grace & Peace & Love to you all -
Matt
p.s. Here's a list of the largest cinema companies in America: