Canadian exhibitor Cineplex has raised CAN$117 million (US$90.6 million) in fresh cash to help repay debt by selling its Toronto headquarters and leasing it back and expanding its customer loyalty program.
Cineplex, which received relief from its lenders after its box office revenues collapsed amid the pandemic, unveiled a sale and leaseback of its office buildings for gross proceeds of CAN$57 million (US$44 million).
The Canadian exhibition giant raised another CAN$60 million (US$46.5 million) via a separate agreement with lead sponsor Scotiabank to expand a Scenes-branded customer loyalty program.
Cineplex said around half of the proceeds from both transactions will be used to permanently pay down its existing credit facilities.
Read more on hollywoodreporter.com
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