AMC shares plummet as rival Cineworld warns of possible bankruptcy
CBSN
AMC Entertainment shares are plunging after rival movie theater chain Cineworld warned that it might file for Chapter 11 bankruptcy.
AMC, the world's largest movie theater chain, joined the ranks of so-called meme stocks last year as retail investors bet on a turnaround and drove its stock up more than 1,000%. Its shares fell more than 38% Monday to $11.05 after officials at U.K.-based Cineworld said in a statement Monday that it is trying to restructure its debt, which could include declaring bankruptcy.
"The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process," the company said.
The Food and Drug Administration said Wednesday that the U.S. food supply is still "one of the safest in the world," in the wake of a number of foodborne disease outbreaks affecting items ranging from organic carrots to deli meats to McDonald's Quarter Pounders. E. coli, listeria and other contaminants have sickened thousands of people and forced a number of recalls in recent months.
An Indian businessman who is one of the world's richest people has been indicted in the U.S. on charges he duped investors by concealing that his company's huge solar energy project on the subcontinent was being facilitated by an alleged $265 million bribery scheme.
We just had another election with a clear and verifiable victor, overseen by hundreds of thousands of election officials. Those public servants have suffered years of harassment, and despite their successes, are still being accused of taking part in a massive and impossible conspiracy — a conspiracy led by the party out of power to steal an election and cover up all evidence.
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President-elect Donald Trump has vowed to start the largest deportation effort in American history — his signature 2024 campaign promise — as soon as he takes office, signaling this week that he would enlist the help of the U.S. military for the massive operation to deport undocumented immigrants.
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McDonald's customers may have to go elsewhere for now if they have a yen for frothy caffeinated drinks.
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