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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2021-02-11 C$ 11.22
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FP/wire say Cineplex trying to slow its cash burn

2021-02-12 09:13 ET - In the News

The Financial Post reports in its Friday, Feb. 12, edition that Cineplex said revenue declined 88 per cent to $52.5-million from $443 million a year ago. A Bloomberg dispatch to the Post reports that Cineplex missed the average expectation of analysts as the COVID-19 pandemic pummelled the film industry. Canada's largest chain of movie theatres has been hurt by the delay of big budget films. The Toronto-based company is trying to slow the rate at which it uses cash. It burned about $24.8-million per month in the quarter. It also sold its headquarters in December in an effort to generate enough cash to pay down debt. On Monday, Cineplex said it had reached an agreement with lenders for relief on its financial covenants to the fourth quarter of 2021. The company's theatres are still closed in parts of Canada, many of which were shuttered when a second wave of COVID-19 struck. It is not expected to reopen its locations in Toronto, Ottawa and Peel region anytime soon. Cineplex is continuing to pursue litigation against London-based Cineworld Group after the latter backed out of a merger that would have created North America's biggest cinema operator. The trial is expected to start in September.

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