(Reuters) – AMC Entertainment Holdings has approved millions in bonuses for its top executives and eligible employees as a means of maintaining shareholder 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 $ 3.75 million as a bonus, while other top executives are entitled to bonuses of $ 173,000 to $ 507,000.
The move comes at a time when movie theater chains like AMC have taken a hit due to coronavirus-led restrictions that caused delays in movie releases. The company avoided bankruptcy last year through a debt restructuring agreement.
Shares of the Leawood, Kansas-based company were also one of the “stonks” whose wild ride fascinated investors a few weeks ago and in which the stock price rose more than 860% compared to the start of the year, at its highest.
AMC’s shares closed 3.4% at $ 8.01 on Friday.
Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel