โMeme stockโ rally rescues AMC Theatres from $600M debt
Theater chain gets unexpected lifeline when private equity trades a corporate IOU for stock
www.polygon.com
Wiping out more than half-a-billion dollars in debt, though, should take a lot of pressure off AMC in the short term. "A week ago, it was not crazy to think this company was doomed," Bloomberg's Matt Levine wrote on Thursday. "Now it is entirely possible that it will survive and thrive and show movies in movie theaters for decades to come because everyone went nuts and bought meme stocks this week."
AMC Theaters may have been saved and will now stand a much higher chance of surviving coronavirus all because redditors went bonkers this week when it came to stocks. AMC's fate was really shaky before this week.