AMC Entertainment Holdings, Inc. is principally involved in the theatrical exhibition business and owns, operates, or has interests in movie theatres primarily located in the United States and Europe.

As you might imagine, AMCs business was severely impacted by COVID-19 during most of 2020, including requiring the closure of most of their theatres around the world for a period of time due to the pandemic.

Review AMCs annual report for the year ended December 31, 2020, which was the year including the pandemic, and includes financial results for the years prior to the pandemic. (Note: You can also find this year-end report in SEC.gov | AMC ENTERTAINMENT HOLDINGS, INC. Look for the Select Filing section, find the "10-K Annual report for the year ending December 31, 2020", which is published on 03/12/2021.)

Copy and paste the following questions in bold type as part of your initial response with your answers to each question underneath:

Using AMCs balance sheet included in the above hyperlink, answer the following questions:

1. What was AMCs debt ratio on December 31, 2020, compared to December 31, 2019? Did the debt ratio improve or decline for AMC during 2020? Please show the basis of your calculation of the debt ratios.
2. Reading through AMCs annual report, summarize, succinctly, in at least 100 words, the challenges that AMC faced during 2020 that led to the change in AMCs debt ratio you calculated in Question 1.
3. Reading through AMCs annual report, summarize, succinctly, in at least 100 words, the steps which AMCs management took to survive this business situation due to COVID during 2020.
4. Are there any personal lessons you can learn from learning about the AMC situation and how AMCs management handled/is handling this challenging situation?