AMC shares plummet as rival Cineworld warns of possible bankruptcy

AMC Entertainment shares are plunging after rival movie theater chain Cineworld warned that it might file for Chapter 11 bankruptcy. 

AMC, the world's largest movie theater chain, joined the ranks of so-called meme stocks last year as retail investors bet on a turnaround and drove its stock up more than 1,000%. Its shares fell more than 38% Monday to $11.05 after officials at U.K.-based Cineworld said in a statement Monday that it is trying to restructure its debt, which could include declaring bankruptcy.

"The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process," the company said.