REUTERS: AMC Entertainment Holdings has approved millions in bonuses to its top executives and eligible employees as a means to preserve stockholder value during the COVID-19 pandemic, the theater operator said.
In a regulatory filing on Friday, the company said Chief Executive Officer Adam Aron would receive US$3.75 million as bonus, while other top executives are entitled to bonuses of US$173,000 to US$507,000.
The move comes at a time when cinema chains like AMC have taken a blow due to coronavirus-led restrictions that caused delays in film releases. The company staved off bankruptcy through a debt restructuring deal last year.
Shares of the Leawood, Kansas-based company were also one of the "stonks" whose wild ride captivated investors several weeks ago and during which its share price surged more than 860per cent compared with the beginning of the year, at its highest.
AMC's shares closed down 3.4per cent at US$8.01 on Friday.
(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)