Just a day after its stock bounded over 20% higher on the reopening plans of its New York State theaters, AMC Entertainment (NYSE: AMC) is using the opportunity of the rising stock price to issue more shares. The theater operator says it is facing a cash crunch that could force it to seek court-approved reorganization of its debts if it can't generate sufficient liquidity soon. AMC reiterated it is going to run out of money by the end of the year or early next year, so it announced today that it is launching a stock offering of up to 15 million shares, which amounts to approximately 14% of its shares outstanding. Image source: Getty Images. The coronavirus pandemic wrecked the theater chain's finances. It had $5.5 billion in debt at the end of September, following a financial restructuring agreed to by its lenders back in July. Yet even with 80% of its theaters reopened, moviegoers have been reticent about returning. And even where it has attracted people, AMC is constrained by capacity limits of 30% to 50% of normal. The situation is being exacerbated by movie studios abandoning plans to launch films in 2020, opting instead to push back their debut until next year. That caused Regal theater owner Cineworld Group (OTC: CNNW.F) to close down all its theaters again. AMC and Cinemark Holdings (NYSE: CNK) are trying to eke out an existence by keeping their theaters open and subsisting on reruns. In a filing with the Securities and Exchange Commission today, AMC said, "Substantial doubt exists about the company's ability to continue as a going concern for a reasonable period of time." AMC has been dancing around bankruptcy for some time, and though New York's decision to allow theaters to reopen was welcome news for the theater operator, the reprieve may not have come soon enough. 10 stocks we like better than AMC Entertainment HoldingsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and AMC Entertainment Holdings wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source