Brief: Ipic Entertainment Expects Restructuring Process To Conclude In 90-120 Days

iPic Entertainment

05/08/2019 12:19

Aug 5 (Reuters) - Ipic Entertainment Inc  IPIC.O :
    * IPIC® ENTERTAINMENT ANNOUNCES PLAN TO RESTRUCTURE DEBT,
STRENGTHEN BALANCE SHEET, PURSUE SALE; THEATERS WILL REMAIN
OPEN; COMPANY OPERATIONALLY STRONG
    * IPIC ENTERTAINMENT INC - NEGOTIATIONS WITH NUMEROUS
PARTIES TO
COMPLETE A COMPREHENSIVE FINANCIAL RESTRUCTURIN
    * IPIC ENTERTAINMENT INC - HAS INITIATED PROCEEDINGS UNDER
CHAPTER
11 OF UNITED STATES BANKRUPTCY CODE IN DISTRICT OF DELAWARE
    * IPIC ENTERTAINMENT INC - FINANCIAL RESTRUCTURING WILL
ALLOW
COMPANY TO FURTHER IMPROVE AND ENHANCE ITS THEATERS AND DINING
EXPERIENCES
    * IPIC ENTERTAINMENT INC - CURRENT MANAGEMENT WILL REMAIN IN
PLACE
TO WORK ALONGSIDE COMPANY'S RESTRUCTURING ADVISORS
    * IPIC ENTERTAINMENT INC - BUSINESS WILL CONTINUE
UNINTERRUPTED
    * IPIC ENTERTAINMENT INC - OPERATIONS WILL BE SUPPORTED BY
DIP
FINANCING PROVIDED BY RETIREMENT SYSTEM OF ALABAMA
    * IPIC ENTERTAINMENT INC - ANTICIPATES THAT RESTRUCTURING
PROCESS
WILL CONCLUDE IN 90-120 DAYS

Source text for Eikon:  ID:nPn1RzTRSa 
Further company coverage:  IPIC.O 

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