Cineplex has reached another agreement with key lenders for relief on its financial covenants to the fourth quarter of 2021.
The latest change to its credit agreement comes as Cineplex swung to a fourth quarter loss after the Canadian movie theater chain saw its box office revenues plummet amid widespread pandemic closures for its theatrical screens.
Cineplex posted a loss of CAN$230.4 million (US$181 million), against a profit of CAN$3.5 million in 2019, on overall revenue falling 88 percent to CAN$52.5 million (US$41.4 million.
Box office revenues fell CAN$174.5 million (US$137.6 million), or 96 percent, to CAN$7.3 million (US$5.7 million) during the fourth quarter, as theater attendance tumbled 95.3 percent due to mandatory lockdown.
Read more on hollywoodreporter.com
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