Despite initial concerns that the debt-ridden company might be shuttered for good due to the COVID-19 pandemic, Kansas City-based AMC Theaters (AMC) has made assurances to the contrary. The largest theater chain in the world said Friday in a statement that it has the funding to stay afloat until its planned reopening in the summer.

AMC is currently planning to begin restarting business at a limited number of locations starting in mid-July, a crucial time for the movie industry. It is working to raise $500 million in funds that will allow the company to stay closed until Thanksgiving, at the latest.

Both timetables would offer a handful of blockbuster releases to tempt audiences back into theaters, including Christopher Nolan’s “Tenet” and Disney's “Mulan” in July, and the likes of “Black Widow,” “Soul,” and “No Time to Die” around Thanksgiving.

AMC, alongside every other major movie theater chain, closed all locations in mid-March.

In response to theater closings, numerous major film releases have been delayed or taken off the calendar indefinitely.

Several studios have been prompted to experiment with premium-priced digital rentals for new films whose box office prospects were cut-off by the pandemic. Universal went a step further and released the DreamWorks sequel “Trolls World Tour” straight to digital platforms on April 10 rather than delaying it. The move appears to have worked, with the film breaking digital revenue records and reportedly netting $50 million in its first weekend, putting the viability of future theatrical releases in question.

Shares of AMC surged 31% on Friday to close at $3.20.

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Pictured is a movie theater audience. Getty Images
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