Posted on 04/14/2020 3:42:48 AM PDT by Libloather
Cinemark is launching an offering of $250 million in senior secured notes. The theater chain said the debt securities will be used for “general corporate purposes,” which include enhancing its liquidity at a time when cinemas have been closed indefinitely due to the coronavirus.
Cinemark, which is the third largest exhibitor, said the debt will be secured by a first-priority lien on its leases. The debt sale comes as the exhibition sector is in free fall. It's unclear when coronavirus will have dissipated enough for cinemas to reopen.
Studios have pushed many of their upcoming releases back until later in 2020 or 2021, meaning that the summer blockbuster season will essentially be a wash. That's catastrophic for the movie business, which makes more than half of its revenues during the summer.
Some chains, such as AMC Theaters, appear to be on the verge of insolvency, while others are hoping that the federal stimulus bills will help them secure loans that they need to remain in business.
Cinemark has furloughed employees and shut down nearly all of its nearly 350 locations nationwide. CEO Mark Zoradi and Cinemark's board of directors will forgo their salaries during the crisis. Cinemark had a debt load of $3.4 billion at the end of 2019.
(Excerpt) Read more at chicagotribune.com ...
https://www.bizjournals.com/dallas/news/2020/04/13/cinemark-layoffs.html
Note to Hollyweird: Y’all happy to take one for the team?
I think it’s interesting that, IMO, the Powers That Be wanted to stir up trouble against President Trump when it came to sexual harassment issues. I think the MeToo effort was intended to lay a basis for this. I think Harvey Weinstein was sacrificed for this effort. But Stormy Daniels never went anywhere, President Trump never got bogged down in this sort of thing. Figures in Hollywood paid a price when the whole thing backfired and failed to hurt Trump.
Then we get the virus. Serious pandemic? Bioweapon? [shrug] The disease itself now comes across as a somewhat minor problem. But the Powers That Be saw Trump’s economy as a threat, and they managed ot shut it all down. Stock market plunged, unemployment skyrocketed, everyone sheltered in place and the booming US economy came to a standstill. But this too backfired because President Trump is generally seen as managing the crisis well. People do not blame him for the economic downturn. Meanwhile Hollywood is once again paying a steep price. Bankruptcies and disruption seem to be everyone out in the Entertainment Land.
At some point, will these people stop shooting themselves in the foot?
I haven’t missed one movie I had planned on watching. Suck on it Hollyweird.
https://moviestvnetwork.com/schedule/
I suspect more than a few of them are of the mind that they’ll be happy to go if they can take lots of us with them.
Overpriced tickets & popcorn, loudmouth yutes...not to mention Left-Tard actors that I know longer watch...drove me away from gracing the threshold of your theater doors years ago. No amount of bond sales will pull me back.
65” tv’s sealed the deal for me. Haven’t been the a theater for well over 10 years. Used to go once or twice a month.
We haven’t been in years, but the last movie we went to had an employee cruise through the cinema every fifteen minutes or so. Looking for illegal recording, maybe? It was annoying as heck. And just another reason not to go.
My city has way too many theaters for the Netflix Generation. Becoming obsolete. A novelty Theater would do well, but the market is saturated with mediocre venues
A lot of folks shares your sentiments here. I actually think after this virus shutdown the indoor theaters will go the way of the old Drive Inn theaters went what with internet streaming and DVD's and different other ways to get access to newly released movies, or at least to come as a result. There will be changes to our society and the fallout has not even begun yet.
I agree. Hard to predict all of the changes, but I think movie theaters will fade away. People are happy enough streaming content at home.
I also think a lot of Americans have depended on restaurants too much. They are expensive and possibly unhealthy. But many Americans don’t know how to cook (some folks microwave a frozen dinner and call it “cooking a homemade meal”). I wonder if food preparation as a hobby will really take off.
And when social isolation ends, will people decide that social media and their phones are not really good substitutes for contact with people? Handy tools, sure, but maybe being tied to electronics all day isn’t ideal.
Changes of some kind are bound to occur.
The pandemic is going to kill Hollywood.
Movies will now be made by indies, Netflix, Prime, HBO, etc.
Hollywood might make a few, but they’ll be harder to view.
This is a positive development.
Smaller budgets means less CGI. Less over-hyped big name actors. More story, less special effects. Expect a few gems to come out of a lot of junk (Stranger Things, Chernobyl, etc.)
De-centralized movie production will allow for better expression of conservatism, or it’ll be more neutral.
I agree with you that lots of things will change. Families are having dinner prepared and served at home. This is one potential benefit from this catastrophe. Getting to better know your family while saving tons of cash eating meals at home might become vogue again.
I do miss the cheap afternoon matinees.
Most people gave built their own at home theaters anyway.
People are learning that they don’t really need to go to movies with non-essential actors.
Unfortunately, those are even further to the Left.
The Best Picture that year was ASS...
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