S&P lowered its rating to D from CCC, writing last week, “We view the delayed interest payment as a default.” It expects the company “to engage in an in or out-of-court restructuring.”
It was hard hit by Covid when theaters were closed, then advertising was slower to pick up on movie screens even when it returned to robust levels elsewhere as life resumed. Then two things happened: inflation and rising interest rates sparked recession fears starting last year and advertisers have pulled back across the board; and Cineworld, the parent of National CineMedia’s biggest customer and part-owner Regal, filed for bankruptcy in September. Cineworld is closing some Regal theaters.
“It’s sad. It’s still a great company, still a viable business. None of the bad things that happened to them have been their fault,” said one industryite who knows the company.Cinemark
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Source: Reuters - 🏆 2. / 97 Read more »