Mexico’s Cinepolis Reaches Restructuring Deal for Bank Loans


Mexico's largest cinema chain, Cinepolis de Mexico SA, has signed an agreement with its banks to restructure more than $ 1 billion in loans and raise $ 300 million directly into the company.

Banks, including Banco Bilbao Vizcaya Argentaria SA, Banco Santander SA, HSBC Holdings Plc, and Bank of America Corp., agreed to provide an additional $ 200 million to help Cinepolis recover from the pandemic, after the company's controlling family offered to raise $ 100 million, individuals who asked not to be identified as details are private. The new funding will be shared among most banks with a combined debt of more than $ 1 billion.

Cinepolis declined to comment. HSBC also declined to comment and the other banks did not respond immediately.

Owned by the Ramirez family, Cinepolis has borrowed big bucks over the past decade of its luxury extended legroom and cocktails to spur global expansion. Last year there were 862 theaters in 17 countries.

Cinemas have been crippled by the pandemic, but the introduction of vaccines is improving prospects for Mexico, the US and Spain, three of Cinepolis' main markets for opening theaters up to limited capacity. Hollywood studios have delayed major releases or chosen to stream new movies immediately, and industry insiders fear that box office revenues may never recover to pre-pandemic levels.

Continue reading: Cinemex Working on Restructuring Deal, Shutters Theaters

The Cinepolis debt includes a peso 7.5 billion ($ 382 million) loan due in 2023, a revolver with a maturity of $ 2024 million, and a loan with a maturity of $ 9.75 Billion pesos due by 2026 owed at least 17 banks $ 1.35 billion in debt, one respondent said.

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https://businessservicesnews.ca/mexicos-cinepolis-reaches-restructuring-deal-for-bank-loans/

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