The theater industry continues to suffer blow after blow as it tries to find its footing in the midst of the global coronavirus pandemic. Just recently, a disputed report about theater operations caused AMC and Cinemark shares to dip.

Deadline reports that shares for AMC, the United States’ biggest exhibitor, dropped by almost 18 percent when a report came out that it would be letting rival exhibitor Cinemark take over some of AMC’s theaters. Cinemark shares also dropped three percent because of the report.

While both exhibitors have called the report inaccurate, there is some sense to it as Cinemark is in a better financial position than AMC. The exhibitor has said that even with theater closures brought about by the pandemic and a limited number of films to screen, they will have enough funds for 2021.

AMC, on the other hand, has been battered hard by the global coronavirus pandemic. Last month, the exhibitor said that its losses are now at $905 million. Before the closures brought about by the pandemic, the company’s losses were only at $54 million.

Not making things any better is the company’s debt. Even after negotiation, it still stands at $4.75 billion. Back in June, bankruptcy concerns also began for the company as it struggled with $1.85 billion in impairment charges.

The Hollywood Reporter adds that Warner Bros. plan to release its entire 2021 slate on its streaming service HBO Max is not helping out either. With 17 potential blockbusters premiering in theaters and the streaming service at the same time, it will be difficult to draw audiences back to theaters.

This comes as the exhibitor is doing all it can to stay afloat, even raising $100 million by selling debt to Mudrick Capital Management at steep interest rates. It has also earlier raised $50 million by selling 20 million class A shares.

New blockbuster films could potentially ease AMC’s concerns, but it is unclear whether there will be any released in 2021 that will bring audiences back to theaters. Release dates could also be affected by the state of the global coronavirus pandemic next year.

As of the Dec. 14 update from the Centers for Disease Control and Prevention, there are currently 16,113,148 confirmed COVID-19 cases in the United States. There are now 298,266 people who have died from COVID-19 in the United States.

Meanwhile, the World Health Organization’s Dec. 14 update says there are now 71,051,805 confirmed COVID-19 cases around the world. There are now 1,608,648 people that have died from COVID-19.