By Jill Goldsmith The nation’s third largest exhibitor, Cinemark, said Monday it’s selling $250 million worth of debt securities – senior secured notes – and will use the net proceeds of the proposed offering for general corporate purposes, including further increasing its liquidity.
Chains are in a massive cash crunch as movie theaters remain closed since mid-March due to the coronavirus pandemic. Some in the industry, like AMC Entertainment CEO Adam Aron, have said they hope and anticipate theaters will reopen in June but that prospect is far from certain.
Cinemark’s CEO along with Aron of AMC are not taking salaries as employees are furloughed as the companies hunker down to try to weather the shutdown financially.
Read more on deadline.com
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