Things were looking pretty grim for AMC theaters due to the impact of COVID-19. But, shares surged Friday after the chain said it had enough liquidity to survive the current suspension of operations. A partial reopening is expected around Thanksgiving.

The company also said it had “commenced a private offering of $500 million of first-lien notes due 2025.”

The chain has been shut down since mid-March due to the pandemic and has been generating virtually “no revenue.” Operations are suspended through the end of June.

The company took steps to survive until its reopening including full or partial furloughs of staff, salary reductions, and working with landlords, vendors, and other partners to manage their costs.

The aren’t expected to continue dividend payments or make share repurchases this year.

The company has said:

Due to significant actions taken by the company, we believe our current cash balance is sufficient to withstand a global suspension of operations until a partial reopening in July.

After giving effect to the proposed notes offering, we believe the company will have sufficient liquidity to withstand a global suspension of operations until a partial reopening ahead of Thanksgiving.

But, there is some trepidation as well:

We believe, but cannot guarantee, that the exhibition industry will ultimately rebound and benefit from pent-up social demand for out-of-home entertainment, as government restrictions are lifted and home sheltering subsides.

Will people want to gather together in a theater after this scare? That’s the big unknown but rumors that the chain will file bankruptcy may be just that, rumors.

The stock was up 31.15% to $3.20 as of this article.