Pedestrians pass a cinema owned by Cineworld Group Plc in Aldershot, Britain, on Monday October 10. 5, 2020.
Jason Alden | Bloomberg | Getty Images
AMC said it was no longer in talks to acquire cinemas from Regal parent company Cineworld, which filed for bankruptcy protection earlier this year.
UK-based Cineworld had been in talks with AMC to sell some of its cinemas after it filed for Chapter 11 bankruptcy in September.
In a filing with the Securities and Exchange Commission on Wednesday, AMC said talks with Cineworld’s lenders over US and European assets have ended. The disclosure comes after AMC reported another quarterly loss last month despite an increase in sales as the theater chain spent more than it earned.
The world’s largest cinema company has been trying to unwind its debt burden, which has been exacerbated during the pandemic as people settled at home and streaming services boomed. Although viewership has recently rebounded, the disruption to film production over the past two years has meant theater operators like AMC are scrambling for new releases to boost ticket sales.
The outlook for 2023 looks brighter, with a healthy list of highly anticipated new releases.
Read the full SEC filing here.