AMC to Buy Operator of General Cinema

AMC Entertainment Inc., the nation’s biggest publicly traded movie theater chain, agreed to buy GC Cos., the operator of General Cinema theaters, for up to $195 million in cash, stock and notes.

AMC said it will pay GC’s creditors $175 million to $195 million in cash, AMC subordinated notes and common stock.

GC, which operates 73 theaters in the U.S., filed for bankruptcy after suffering a decline in attendance.

The company expects to operate 66 theaters after it reorganizes.

AMC operates 177 theaters with 2,836 screens in the U.S., Canada, France, Hong Kong, Japan, Portugal, Spain and Sweden.

Shares of Kansas City, Mo.-based AMC fell 5 cents to $14 on the American Stock Exchange. Chestnut Hill, Mass.-based GC’s stock was delisted from Nasdaq in June.