With Wall Street judging a Chapter 11 bankruptcy filing for AMC Theatres increasingly likely, B Riley FBR analyst Eric Wold on Monday recommended investors sell off stock in the exhibition giant
"We no longer see value in maintaining positions in AMC shares at this point," B. Riley FBR analyst Eric Wold wrote in a note.
"We continue to believe that AMC has minimal liquidity options to make it through an extended theatrical shutdown period even with the recently reported decision to no longer pay rent on its theaters," Wold wrote in an investors note as the company, led by CEO Adam Aron, tries to navigate theater closures amid the COVID-19 crisis.
"Given a net leverage ratio that already exceeds 6.0x our current 2021 AEBITDA estimate and the relative lack of visibility into a recovery in moviegoing demand, we believe it is unlikely that AMC would be able to secure any additional availability on those credit facilities or that additional debt sources would be made available," Wold wrote.
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