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豪華影院運營商IPic Entertainment根據破產法第11章申請破產重組債務--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娛樂公司(IPIC)週一表示，該公司已根據破產法第11章申請破產保護，並正在與各方就債務重組事宜進行談判。這家豪華影院連鎖運營商表示，它將利用破產申請出售自己，或者進行重組，以獲得健康的資產負債表和新的資本結構。該公司在一份聲明中表示：“財務重組將使公司能夠進一步改善和提升其影院和餐飲體驗，繼續提供無與倫比的賓客體驗，200多萬IPIC Access忠誠會員就證明了這一點，並繼續實施其擴張計劃，”該公司在一份聲明中表示。7月下旬，該公司表示，它未能支付一筆貸款的利息，並警告投資者，它可能不得不申請破產。該公司有2.04億美元的債務，以貸款的形式從阿拉巴馬州的教師退休系統(RSA)，該基金為該州的教師。該公司無法為7月1日到期的借款支付1000萬美元的利息。該公司有一筆債務人佔有貸款，用於在RSA提供的破產程序期間為運營提供資金。該公司預計重組過程將持續90至120天。股價盤前下跌29%，2019年下跌47%，而標準普爾500指數上漲17%。
-Ciara Linnane
--Ciara Linnane
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August 05, 2019 07:11 ET (11:11 GMT)
2019年08月05日東部時間07：11(格林尼治標準時間11：11)
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