Missouri Minute: State lags national marks for vaccine distribution; AMC raises $917 million to avoid bankruptcy

Hello, MBA readers,

With just more than 4% of Missouri residents having received their first dose of COVID-19 vaccine, according to one tracker of federal data, the state ranks last nationally in terms of percentage of residents who have received the vaccine. Those percentages are affected by the fact that states have received varying amounts of the vaccine, and Missouri ranks slightly better when it comes to the percentage of received doses that have been distributed. Still, the state lags the national average in that department as well. As vaccine distribution continues, AMC Theatres has bought itself more time as it hopes for a rebound from the effects of the pandemic. The global cinema chain based in the Kansas City area announced it has raised more than $900 million in its latest attempt to fend off bankruptcy. And, in St. Louis, a major beverage company has agreed to a sale. Luxco, a producer and distributor of distilled spirits, will be acquired by MGP Ingredients, based in the Kansas City area, for $475 million.

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Missouri ranks last in percentage of residents to receive COVID-19 vaccine
About 4% of residents have received the first of two shots. The state ranks better for distribution of vaccine doses it has received, with about 51% administered. State officials hope to boost vaccinations with mass vaccination sites. (Missouri IndependentNew York Times)

AMC Theatres raises $917 million to avoid bankruptcy
The CEO of the Leawood, Kansas-based company said talk of “imminent bankruptcy” is off the table. The struggling cinema chain had previously warned investors it could run out of cash by early 2021. (Kansas City Star)

MGP Ingredients to acquire Luxco for $475 million
Atchison, Kansas-based MGP, which makes distilled spirits and specialty grain products, will buy St. Louis-based distillery Luxco in a cash-and-stock deal. (Kansas City Business Journal)

Missouri tenant advocates look to Biden administration to strengthen protections
Under the current federal eviction moratorium, residents must fill out declaration forms to avoid being kicked out of their homes. Advocates want Missouri lawmakers and the White House to enhance pandemic safeguards for renters. (Missouri Independent)

Missouri State Parks see uptick in visits during pandemic
An estimated 21.1 million visits were made to Missouri State Parks in 2020, after 2019 numbers dropped to just 18.5 million due to flooding. (St. Louis Post-Dispatch)

Parson expected to address jobs, infrastructure in annual address
The governor’s State of the State address on Wednesday will likely cover similar themes as last year’s, focusing on workforce development, roads and a spending plan. (St. Louis Post-Dispatch)

KC Health Department to allow Disney on Ice at T-Mobile Center
The performances, starting this week, will have a capacity of about 2,100 audience members. They will be the arena’s first events with spectators since last March. (Kansas City Star)

Sierra Club says Ameren not doing enough to reduce climate impact
The environmental organization’s report gave Ameren a score of “D” for its efforts to avert the worst effects of climate change. (St. Louis Public Radio)

Integrity Advance ordered to pay $38.5 million, plus civil penalties
The Consumer Financial Protection Bureau ordered the payments, saying the Kansas City-area payday lending operation broke the law and deceived borrowers. (Kansas City Star)

Say that again

“You just get this whole feeling of like you’re just a cow to be called in when it’s your time to go to the butcher.”

That’s, Rob Rolves, owner of Foreman Fabricators, explaining the effects that gentrification has on small and mid-sized manufacturing companies like his. Foreman Fabricators is a 12-employee metal manufacturing company that Rolves recently bought after working there for more than 30 years, St. Louis Public Radio reports. St. Louis loses almost seven mid-size manufacturing firms each year as industrial areas in the city give way to new residential and retail development, according to a study conducted by St. Louis University. Researchers interviewed 28 owners of companies for the study and found that manufacturers are floundering as they try to find qualified workers and adequate funding to repair facilities. Company owners said they would like the city to provide programs and incentives to the manufacturing industry like it has to other industries.

 Send tweet

The soaring price of tickets to watch the Kansas City Chiefs play the Tampa Bay Buccaneers in Super Bowl LV is sparking responses across Twitter. Due to social distancing, only 22,000 tickets are on sale for the game, set to take place Feb. 7 in Tampa. Only 14,5000 of those tickets are available to the general public, with the rest going to health care workers. That scarcity had driven the price of upper-deck tickets, plus fees, to more than $11,000 on secondary marketplace StubHub as of Monday, the Kansas City Business Journal reports. That’s about 50% more than last year’s prices and the most expensive ever.

Hello, my name is

Hungry Planet

This St. Louis-based company, founded by siblings Todd Boyman and Jody Boyman, makes plant-based meat substitutes. Now, through a deal with Post Holdings, its products will get wider distribution. Post, the St. Louis-based consumer packaged goods company, on Monday announced plans to invest in and distribute meat alternatives sold by Hungry Planet, the St. Louis Post-Dispatch reports. The amount of investment was not disclosed. This marks a second deal with a producer of plant-based substitutes for Post following a similar arrangement with JUST Egg.


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