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From blockbuster to breakdown: the journey of American multi-cinema through crisis, capital markets and reinvention-determinants of financial distress: a comprehensive assessment of the financial health in 2020
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This case study analyses AMC Entertainment’s financial restructuring, focusing on valuation, distress diagnostics, and opportunistic financing. The valuation employs discounted cash flow and relative multiples to establish a pre-crisis baseline, while bankruptcy models quantify the solvency and near default crisis triggered by COVID-19. The analysis isolates the meme stock phenomenon, demonstrating how speculative equity issuance provided critical liquidity premium that averted default. Our findings reveal that AMC’s survival stemmed from
opportunistic market timing rather than fundamental resilience. The strategic recommendations focus on debt maturity management and balancing retail shareholder governance to transition from a market anomaly to long-term financial stability.
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Financial distress Default risk Debt analysis Bankruptcy Bankruptcy prediction models Distress risk metrics Debt maturity analysis Meme stock Equity issuance Equity financing Cost of equity Ownership structure Speculative premium Volatility Discounted cash flow (DCF) Unlevered free cash flow (UDCF) Weighted average cost (WACC) Terminal value Relative valuation Trading multiples Intrinsic valuation Capital structure Distress costs Credit ratings COVID-19 impact Liquidity and solvency Payout policy Corporate restructuring