(Reuters) – AMC Entertainment Holdings has approved millions of bonuses to its top executives and qualifying employees as a way to preserve shareholder value during the COVID-19 pandemic, the theater operator said.
The company said Friday that CEO Adam Aron will receive $ 3.75 million as a bonus, while other top executives are entitled to bonuses ranging from $ 173,000 to $ 507,000.
The move comes at a time when cinema chains like AMC have suffered a setback due to constraints led by the coronavirus, which has caused delays in film releases. The company averted bankruptcy last year through a debt restructuring agreement.
Shares of the Leawood company in Kansas were also one of the “stonks” whose wild ride captivated investors a few weeks ago and during which the share price rose by more than 860% compared to the beginning of the year, at its highest.
AMC shares closed 3.4% at $ 8.01 on Friday.
Reporting by Eva Mathews in Bengaluru; Edited by Maju Samuel