Latest news with #debtRestructuring
Globe and Mail
5 days ago
- Business
- Globe and Mail
AMC Posts 36 Percent Revenue Jump in Q2
Key Points AMC Entertainment (NYSE:AMC) posted sharply improved results for the second quarter of 2025, with both GAAP revenue and earnings per share surpassing Wall Street expectations. Attendance rose 25.6%, and Record per-patron metrics drove GAAP revenue up 35.6% year over year. Positive free cash flow and major debt restructuring signaled a turnaround in operational and financial health. These 10 stocks could mint the next wave of millionaires › AMC Entertainment (NYSE:AMC), a leading movie theater operator, released its second quarter 2025 earnings on August 11, 2025. The company delivered a strong recovery, reporting GAAP revenue of $1,397.9 million, surpassing analyst estimates of $1,338.6 million. Earnings per share (EPS) on a non-GAAP basis were $(0.00). AMC showed significant year-over-year gains in attendance, margins, and cash flow, boosted by rising per-patron spending and effective cost control. The period marked a visible turnaround for AMC, as it moved into positive free cash flow (non-GAAP) and took major steps to extend its debt maturity profile. Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. About AMC Entertainment and Its Business Focus AMC operates one of the world's largest theater networks, with approximately 860 locations and 9,700 screens. Its core business is providing in-person moviegoing experiences, which remains a popular out-of-home entertainment choice despite competition from digital streaming platforms. The company has focused on several critical areas to drive its performance: upgrading to premium viewing formats (such as IMAX, Dolby Cinema, and in-house extra-large formats), innovating food and beverage offerings, and enhancing loyalty and subscription programs. Managing its large theater portfolio and addressing long-term debt also remain key areas for AMC's long-term health and operational success. Q2 2025 in Detail: Rising Revenue, Attendance, and Better Margins The period saw a sharp rebound in theater attendance, with consolidated visits rising 25.6% year over year to 62.8 million. This growth was supported by a strong box office calendar and high demand for blockbuster releases. AMC reached new heights in per-patron performance: consolidated admissions revenue per patron exceeded $12 for the first time, reaching $12.14, while consolidated food and beverage revenue per guest hit a record $7.95. Total consolidated revenue per patron reached $22.26, illustrating an upswing in both ticket and concession spending. Premium formats outperformed standard auditoriums, with management reporting that occupancy in these screens was almost three times higher than traditional halls. The U.S. market led the way, with average ticket prices reaching $12.77, and Food and beverage revenue per patron was $8.77. International markets also posted a notable increase, with food and beverage revenue per patron rising to $5.54. These numbers were supported by upgrades such as expanded IMAX and Dolby Cinema screens and new seating options marketed under the Club Rocker name. Adjusted EBITDA, a key profit measure showing earnings before interest, taxes, depreciation, and amortization, jumped to $189.2 million from $38.5 million a year ago, an increase of 391.4%. Free cash flow (non-GAAP) came in positive at $88.9 million compared to a negative $79.2 million for Q2 2024. Net cash from operating activities (GAAP) also dramatically improved to $138.4 million, showing that the business was able to generate cash after covering operational expenses. AMC also took steps to improve its balance sheet. In July 2025, AMC raised approximately $244 million in new cash by issuing debt, and It equitized at least $143 million of existing debt (converted it into equity) in July 2025. These initiatives pushed out the maturity of debt that was due in 2026 to 2029, lowering short-term refinancing risk. Corporate borrowings at the end of June 2025 stood at $4,009 million, with a cash balance of $423.7 million as of June 30, 2025. Despite this progress, total leverage remains high for the business. Strategic Progress: Premium Innovation and Footprint Optimization AMC's management has set differentiation as a top goal, aiming to attract more customers by elevating the cinema experience beyond what home streaming can offer. Key moves this quarter included expanding premium auditoriums—formats such as IMAX, Dolby Cinema, Prime, iSense, and XL at AMC—and rolling out more state-of-the-art laser projection. The company's premium screens now operate with occupancy rates close to three times that of standard auditoriums and earn higher average ticket prices, as stated by management in the second quarter 2025 earnings release. Food and beverage innovation is another pillar of AMC's strategy. Offerings have grown to include expanded bar service, themed drinks, Dippin' Dots ice cream, and delivery partnerships with services like Uber Eats and DoorDash. The company also began testing new automated drink equipment, and Merchandise sales in theaters are projected to reach $75 million for CY2025—half potentially contributing directly to EBITDA, an important profitability measure for investors. The company continued its theater network optimization, closing underperforming theaters and focusing investments on premium locations. Average screens in operation declined 2.2% year-over-year to 9,402, aligning with AMC's stated intention to boost profitability and efficiency. The company's focus on innovative seating options was reflected in the success of Club Rocker seats in flagship locations, lifting both customer satisfaction and site revenues. Looking Ahead: Guidance and Investor Watch Points Management expressed optimism for the rest of fiscal 2025 and into 2026 but did not provide explicit numerical forward guidance. The company's leadership highlighted industry momentum, a robust upcoming film release slate, and continued operational improvements. Management reiterated its expectation of positive free cash flow (non-GAAP) for the nine-month period ending December 31, 2025. Investors will want to monitor the sustainability of higher per-patron metrics and premium format performance as box office trends evolve. Potential risks remain, including the ongoing threat posed by streaming services and volatility in theatrical attendance if content pipelines falter. High debt levels, while now less urgent due to improved maturity profiles, still require careful management given the capital-intensive nature of theater operations. AMC does not currently pay a dividend. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,060%* — a market-crushing outperformance compared to 182% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of August 4, 2025
Bloomberg
09-07-2025
- Business
- Bloomberg
Thames Water Speaking to Creditors Daily in Race to Fix Finances
Thames Water said it's in daily discussions with creditors as the beleaguered UK utility chases a deal to turn its finances around and fend off nationalization. A rescue hinges on negotiations with the creditors — including the likes of Apollo Global Management, Elliott Management and Silver Point Capital — and regulator Ofwat, and both sides will have to make concessions. Britain's largest water and sewage utility needs to restructure almost £20 billion ($27.2 billion) of debt and raise fresh equity, and it's running out of time to do so.
Zawya
07-07-2025
- Business
- Zawya
Qalaa closed out the year with strong top-line growth, as revenue expanded by 53% y-o-y to EGP 148.9bln in FY24
Additionally, ERC successfully finalized its debt restructuring as of 20 December 2024, while Qalaa is expecting to complete the capitalization of the QHRI debt by the end of 3Q25 Qalaa's consolidated revenue reached EGP 148.9 billion in FY24, a 53% y-o-y increase driven by solid performances across all subsidiaries. Excluding ERC, consolidated revenue rose by 47% y-o-y to EGP 13.9 billion during the year. In parallel, recurring EBITDA shrank by 6% y-o-y to EGP 21.4 billion in FY24, largely due to the decline in EBITDA reported at ERC driven by the drop in refining margins. Meanwhile, the Group's consolidated bottom-line closed out the year at EGP 6.4 billion. ERC continued to operate above its rated capacity, yet refining margins remain pressured due to the cyclical nature of the business. On that front, ERC's USD-denominated revenue expanded strongly year-on-year mainly driven by the devaluation of the EGP against the USD. ERC's receivables from EGPC stood at USD 35.0 million as of 04 June 2025, and the company has successfully finalized its senior and subordinated debt restructuring as of 20 December 2024. On that front, the company paid a total of USD 233.6 million to senior lenders in December 2024, as well as a total payment of USD 157.5 million in June 2025. As such, the company remains on track to fully settle its senior debt ahead of schedule. Following the completion of this restructuring at the end of 4Q2024, as well as the repayments in December and June, ERC's current net senior debt amounts to USD 228.0 million. The company also paid a total of USD 59.1 million in fees and default interest related to the debt restructuring process. Qalaa's remaining portfolio companies continued to demonstrate their strength and resilience across the board, with all business segments reporting revenue growth during the year. Additionally, all portfolio companies apart from ASCOM recorded a net profit during the year. The continued recovery of Al-Takamol Cement's performance, which ended the year with solid year-on-year growth, supported the performance of the Group's cement segment during FY24. ASEC's results were further supported by broad-based growth across the rest of its subsidiaries during the year. Dina Farms Holding continued to deliver solid results across the board following improved operations across all business segments at Dina Farms, as well as the recovery of gross margins at ICDP. ASCOM's strong top-line results came largely on the back of the solid performances of ASCOM's two largest USD-denominated revenue generators, ACCM and GlassRock, in EGP terms, and was further augmented by the EGP devaluation. Worth noting that the Group's position as an import substitute and export player across the mining business continued to strengthen Qalaa's consolidated results. CCTO's transportation and logistics business delivered strong top-and bottom-line results, largely driven by the coal storage and stevedoring services at NRPMC, coupled with solid results at the USD-denominated Nile Barges. TAQA Arabia delivered a strong top- and bottom-line performance on the back of solid results across the board, particularly at TAQA Power and TAQA Gas. The Group continues to focus on growing its exports and leveraging the cost advantage available to local manufacturers, with Group export proceeds reaching 20.8 million in 4Q24. Meanwhile, local foreign currency revenue recorded 693.8 million during the quarter. As for FY24, Group export proceeds stood at USD 68.4 million, while local foreign currency revenue closed the year at USD 3.1 billion. Qalaa continues to work towards finalizing the process that enables the capitalization of QHRI's debt with an Extraordinary General Meeting (EGM) to approve the capital increase scheduled on 17 July 2025. The process is expected to be completed by the end of 3Q25. Qalaa's strategy will continue to focus on the following elements: Qalaa will continue driving growth through small incremental investments in its subsidiaries, expanding cashflows, and thereby reducing its debt to cashflow ratios. Management is confident this strategy will continue to deliver the desired results. Qalaa is currently studying several new medium-sized, export-oriented, and predominantly green investments with high local value-added components, to be executed through its subsidiaries. Qalaa's focus remains on growing its exports and leveraging the cost advantage of local manufacturers. Qalaa continues to prioritize the reduction of its consolidated debt, with a targeted decrease of approximately EGP 30 billion expected in FY25 alone. This includes the repayment of USD 300 million in ERC senior debt and USD 240 million in debt owed to QHRI. Cairo: Qalaa Holdings, a leader in energy and infrastructure ( on the Egyptian Exchange), released today its consolidated financial results for the three- and twelve-month periods ending 31 December 2024. During the year, Qalaa achieved a revenue of EGP 148.9 billion, a 53% y-o-y increase, mainly driven by ERC's USD-denominated revenue, and further supported by broad-based growth across the Group's subsidiaries. On the profitability front, the Group's EBITDA reached EGP 21.4 billion in FY24, down 6% y-o-y following the decline in EBITDA witnessed at ERC. Similarly, the Group's consolidated bottom-line contracted by 2% y-o-y, closing out the year at EGP 6.4 billion. In 4Q24, ERC's USD denominated revenue grew by 32% y-o-y in EGP terms to EGP 31.7 billion, largely driven by the depreciation of the EGP against the USD. With regards to FY24, USD denominated revenue expanded by 54% y-o-y to EGP 134.9 billion. Excluding ERC, Qalaa's EBITDA expanded by 52% y-o-y to EGP 699.1 million in 4Q24, driven by solid growth across most subsidiaries. Meanwhile, Qalaa's FY24 EBITDA excluding ERC reached EGP 2.9 billion, a 46% y-o-y increase. ASEC Holdings' EBITDA during the quarter stood at EGP 384.2 million, a 475% y-o-y expansion driven by broad-based growth across the company's subsidiaries. On a full-year basis, EBITDA rose by 52% y-o-y to EGP 1.1 billion in FY24. In 4Q24, Dina Farms Holding Company's EBITDA rose by 46% y-o-y to EGP 185.5 million, following improved margins across the board. With regards to FY24, EBITDA grew by 124% y-o-y to EGP 900.0 million. ASCOM achieved an EBITDA of EGP 65.4 million in 4Q24, a 36% y-o-y decline following the drop in operating profitability reported at ACCM, GlassRock, and ASCOM Mining. In FY24, ASCOM's EBITDA expanded by 23% y-o-y to EGP 489.5 million. EBITDA at CCTO's transportation and logistics business expanded by 58% y-o-y to EGP 160.7 million in 4Q24, largely driven by the solid operating results at NRPMC, coupled with the expansion in Nile Barge's USD-denominated EBITDA. The company's FY24 EBITDA grew by 63% y-o-y to EGP 493.5 million following similar drivers. Finally, TAQA Arabia's EBITDA expanded by 48% y-o-y to EGP 706.7 million in 4Q24. EBITDA growth during the quarter came largely on the back of strong broad-based growth across TAQA's subsidiaries. On a full-year basis, TAQA Arabia's EBITDA grew by 35% y-o-y to EGP 2.0 billion. TAQA Arabia is accounted for as an investment in associate using the equity method and revenues are not included in Qalaa's consolidated revenues. Qalaa achieved a consolidated net profit after minority interest of EGP 420.7 million in 4Q24, a 91% y-o-y decline. The year-on-year drop in net income during the quarter was largely due to the recording of a one-off gain associated with the divestment of the shares of TAQA Arabia in 4Q23. On a full year basis, net profit after minority interest shrank slightly by 2% y-o-y to EGP 6.4 billion. All of Qalaa's subsidiaries, apart from ERC, ASCOM, and Dina Farms Holding Company, recorded net profits during the quarter. As for FY24, all of Qalaa's subsidiaries apart from ASCOM achieved a net profit. ERC reported a net loss of EGP 1.0 billion in 4Q24, compared to a net profit of 641.3 million in 4Q23, largely as a result of an increase in feedstock prices, a drop in the prices of refined products, and a decline in the quality of feedstock. On a twelve-month basis, net profit fell by 63% y-o-y, FY24 at EGP 1.8 billion. In 4Q24, ASEC Holdings reported a net profit of EGP 2.3 billion in 4Q24, compared to a net loss of EGP 1.1 billion recorded during 4Q23, following enhanced profitability across the company's subsidiaries. In parallel, the company's net profit for FY24 stood at EGP 1.5 billion, versus a net loss of EGP 1.8 billion reported in FY23, on the back of similar drivers, as well as a one-off provision reversal. Dina Farms Holding Company. achieved a net loss of EGP 44.2 million in 4Q24, compared to the net loss of EGP 1.0 million reported in 4Q23, mainly as a consequence of an increase in both depreciation and interest expenses, as well as forex-related losses, at Dina Farms. With regards to FY24, net income expanded by 367% y-o-y to EGP 247.2 million, driven by improved profitability across the board. In 4Q24, ASCOM's net loss expanded by 35% y-o-y to EGP 404.2 million, largely due to the decline in profitability at ASCOM Mining. Similarly, ASCOM achieved a net loss of EGP 338.9 million in FY24,mainly resulting from a one-off impairment of EGP 320.5 million, versus a net profit of EGP 2.0 billion reported during FY23, mainly resulting from a one-off sale of an affiliate. At CCTO's transportation and logistics business, net income closed the quarter at EGP 84.8 million, rising by 97% y-o-y. Meanwhile on a full-year basis, net income grew by 31% y-o-y to EGP 149.2 million. Enhanced bottom-line profitability during the quarter and full-year was largely driven by the solid recurring operating results at NRPMC, coupled with the expansion in Nile Barge's USD-denominated net income. Finally, TAQA Arabia's net profit expanded by 44% y-o-y to EGP 277.2 million in 4Q24, driven by strong performances at both TAQA Gas and TAQA Power. With regards to FY24, net profit increased by 26% y-o-y to EGP 702.0 million following similar drivers to the quarterly performance. 'Qalaa closed out the year strongly, reporting solid top-line expansion in FY24. Our performance throughout the past year underscores the Group's strength and resilience, as well as its ability to navigate challenging macroeconomic conditions,' said Qalaa Holdings Chairman and Founder Ahmed Heikal. On that front, Qalaa's revenue expanded by 53% y-o-y in FY24. Top-line growth during the year came primarily on the back of increased EGP equivalent of the USD-denominated revenue at the Egyptian Refining Company, and further boosted by comprehensive growth across the rest of our subsidiaries. Our revenue growth during the year is a testament to the success of our meticulous growth-oriented strategies. As we head further into 2025, we will continue to build on the strong top-line performance to deliver sustainable, broad-based growth.' 'On the profitability front, Qalaa's EBITDA shrank by 6% y-o-y to EGP 21.4 billion in FY24, mainly as a consequence of the decline in refining margins at ERC. However, it is worth highlighting that excluding ERC, the Group's EBITDA expanded by 46% y-o-y, with all subsidiaries delivering solid year-on-year growth. Similarly, in FY24 the Group's consolidated net income contracted slightly by 2% y-o-y, largely due to the decline in ERC's refining margins, whereas net income excluding ERC inched upwards by 4% y-o-y, with the majority of subsidiaries reporting bottom-line growth during the year,' Heikal continued. On a separate note, I am pleased to announce that our debt settlement and restructuring efforts are progressing well. With regards to the QHRI debt purchase agreement, on 04 June 2025 Qalaa's Ordinary General Assembly convened and approved extending the deadline for completing the procedures of the Group's capital increase to 15 September 2025. Additionally, Qalaa's Extraordinary General Assembly is scheduled to convene on 17 July to discuss the approval of the proposed capital increase and the capitalization of dues owed to QHRI and CCP. Following the approval of this resolution, the process of allocating shares to each participant in the Debt Purchase should be initiated. The approval of the capital increase is expected to significantly de-risk Qalaa's financial position, as it will transform around USD 240 million of debt into equity, in alignment with the company's broader strategic objectives of streamlining its capital structure and enhancing shareholder value,' Heikal said. 'Moving forward, we will continue pushing ahead with our growth strategies across our diverse platforms over the coming months. I am confident that the Group's outlook remains bright despite the challenging market conditions, and we will continue pushing forward with our strategy of undertaking small, incremental investments with the aim of continuously enhancing Qalaa's investments portfolio,' Heikal added. 'Finally, I would like to reiterate that the true value of Qalaa's performing assets is masked due to holding them at their historical cost and, in some cases, adjusting for impairments, while not taking into consideration any revaluation adjustments,' Heikal concluded. 'I am proud of Qalaa's impressive results over the past year,' said Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director. 'Throughout the past twelve months, our results continued to be heavily driven by ERC's USD-denominated revenue, which expanded strongly year-on-year despite the decline in refining margins witnessed during the period. Elsewhere across our portfolio, our agriculture and logistics segments continued to deliver solid top- and bottom-line results, largely driven by their robust investment fundamentals. In parallel, the continued recovery of Al-Takamol Cement's performance, which witnessed solid year-on-year growth during the twelve-month period, supported the performance of the Group's cement segment. Finally, Qalaa's position as an import substitute and export player across our mining business continued to strengthen the Group's consolidated results, generating valuable USD proceeds during a period of significant exchange rate fluctuations.' 'On the debt settlement front, I am pleased to announce that as of 20 December 2024, ERC has successfully finalized its senior and subordinated debt restructuring, and the company has recently completed a repayment of USD 157.5 million in June 2025. On that front, ERC's current net senior debt amounts to USD 228.0 million, and the company remains on track to settle its senior debt ahead of schedule. We remain completely committed to reducing Qalaa's risk levels and maintaining a healthy financial position going forward,' added El-Khazindar. 'Our performance to close out the year is a reflection of our ability to push ahead during difficult times, and I am looking forward to another year of growth and strong results across our operations and markets,' concluded El-Khazindar.
Bloomberg
30-06-2025
- Business
- Bloomberg
Private Lenders Pitch Restructuring for Stressed Pallet Company
Private lenders have proposed a potential debt restructuring for 48Forty Solutions, less than a year after Summit Partners acquired a majority stake in the pallet management company, according to people with knowledge of the matter. The company's debt includes around $1.75 billion of private credit, said the people, who asked not to be identified discussing private information. The lenders, which include Antares Capital, KKR & Co. and BlackRock Inc. provided the financing in a recapitalization deal in October, the people said.
Reuters
26-06-2025
- Business
- Reuters
Inter Milan secure 350 mln euro financing to ease debt burden
MILAN, June 26 (Reuters) - Inter Milan have secured 350 million euro ($411 million) financing through a U.S. private placement of senior secured notes maturing in 2030, needed to repay early a high-yield bond due in 2027, the Champions League finalists said on Thursday. The notes, placed with institutional investors, were issued through Inter Milan's media company, which manages the broadcast and sponsorship business of the Serie A club. Last year U.S. investment fund Oaktree Capital Management took over Inter after the club's Chinese majority shareholder missed a 395 million euro payment. The club said that the debt reshuffle would improve its financial position. "Compared to the previous bond, the lower amount and tighter cost of capital achieved for the private placement represent another step in Oaktree's commitment to the long-term success and financial stability of the club," it said in a statement published on its website. Earlier this month the club had anticipated it planned to redeem the bond. Inter have progressed to the knockout stage of the Club World Cup being played in the US. They lost 5-0 to Paris St Germain in the European Champions League final last month. ($1 = 0.8524 euros)
