Luxury Cinema Operator IPic Entertainment Files For Chapter 11 Bankruptcy To Restructure Debt -- MarketWatch
Luxury Cinema Operator IPic Entertainment Files For Chapter 11 Bankruptcy To Restructure Debt -- MarketWatch
DJ Luxury Cinema Operator IPic Entertainment Files For Chapter 11 Bankruptcy To Restructure Debt -- MarketWatch
DJ豪华影院运营商IPic Entertainment根据破产法第11章申请破产重组债务--MarketWatch
Ipic Entertainment Inc. (IPIC) said Monday it has filed for chapter 11 bankruptcy and is talks with numerous parties on restructuring its debt. The luxury cinema chain operator said it will use the bankruptcy filing to either sell itself or reorganize to emerge with a healthy balance sheet and new capital structure. "The financial restructuring will allow the Company to further improve and enhance its theaters and dining experiences, continue to provide an unparalleled guest experience that is evidenced by the over 2 million IPIC ACCESS loyalty members, and continue with its expansion plans," the company said in a statement. In late July, the company said it had missed an interest payment on a loan and cautioned investors that it may have to file for bankruptcy. The company has $204 million of debt in form of a loan from the Teachers' Retirement System of Alabama (RSA), the pension fund for teachers in that state. It was unable to make a $10 million interest payment on that borrowing due July 1. The company has a debtor-in-possession loan to fund operations during the bankruptcy proceedings provided by the RSA. It expects the restructuring process to last 90 to 120 days. Shares slid 29% premarket and are down 47% in 2019, while the S&P 500 has gained 17%.
IPIC娱乐公司(IPIC)周一表示，该公司已根据破产法第11章申请破产保护，并正在与各方就债务重组事宜进行谈判。这家豪华影院连锁运营商表示，它将利用破产申请出售自己，或者进行重组，以获得健康的资产负债表和新的资本结构。该公司在一份声明中表示：“财务重组将使公司能够进一步改善和提升其影院和餐饮体验，继续提供无与伦比的宾客体验，200多万IPIC Access忠诚会员就证明了这一点，并继续实施其扩张计划，”该公司在一份声明中表示。7月下旬，该公司表示，它未能支付一笔贷款的利息，并警告投资者，它可能不得不申请破产。该公司有2.04亿美元的债务，以贷款的形式从阿拉巴马州的教师退休系统(RSA)，该基金为该州的教师。该公司无法为7月1日到期的借款支付1000万美元的利息。该公司有一笔债务人占有贷款，用于在RSA提供的破产程序期间为运营提供资金。该公司预计重组过程将持续90至120天。股价盘前下跌29%，2019年下跌47%，而标准普尔500指数上涨17%。
-Ciara Linnane
--Ciara Linnane
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August 05, 2019 07:11 ET (11:11 GMT)
2019年08月05日东部时间07：11(格林尼治标准时间11：11)
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