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The company said it is confident it will be able to deal with any liquidity issues arising from pandemic-related restrictions.This will likely include seeking to revise credit arrangements, including renegotiating debt covenants, as others in the industry have already done, Canaccord Genuity analyst Aravinda Galappatthige said.Cineplex has already taken tough medicine to deal with the crisis, such as laying off its full- and part-time staff, suspending capital spending, halting dividend payments, seeking rent relief from landlords and applying for any government support programs available.However, it is impossible to project how much of an effect this will have on financial results because of the uncertainty over how long the pandemic could last, how that might influence government-imposed restrictions and the timing of reopening its cinemas, the company said.The company’s revenues could be sliced in half this year, to $778-million, with attendance expected to recover slowly, said Tim Casey, an analyst at Bank of Montreal.“It is very unclear how eager consumers are to return to a crowded theatre until there is much more clarity regarding the state of the pandemic. Cineplex, in turn, says its former suitor had no legal basis to renege, but suffered “buyer’s remorse” after the COVID-19 pandemic forced the closing of cinemas, hammering revenues.The Toronto-based company said it plans to seek damages from Cineworld in a Canadian court. If you would like to write a letter to the editor, please forward it to Welcome to The Globe and Mail’s comment community. An investor who sells a stock short makes money when the price of a share falls. Shares in Cineplex were down $4.03 at $28.45 in trading on the Toronto Stock Exchange. Read our Please log in to listen to this story. On January 1, 2017, a barrel of crude closed at $53.99. Supply did taper off in the first quarter of 2017, but it ran in tandem with demand, and so the price of a barrel of crude didn't change. This translation has been automatically generated and has not been verified for accuracy. It said on Monday it plans to bolster its balance sheet while preparing for the gradual reopening of its movie screens across the country.The plans include opening parts of its Rec Room entertainment complexes in Western Canada this week, then six theatres in Alberta on June 26.
Shares of Hawaiian Holdings, Inc. (HA) open more than 7% lower on Wednesday, and continued to fall, down about 11% in morning-trading after the release of an analyst note. THE CANADIAN PRESS/Aaron Vincent ElkaimTORONTO -- Independent cinemas across Canada say they are being kept from screening top films like "Parasite" and "Hustlers" as they're released and they claim theatre giant Cineplex Inc. is to blame. We expect theatres will re-open initially with 30 to 50 per cent capacity to ensure social distancing,” Mr. Casey wrote in a research note.Meanwhile, sales of concession food, normally a high-volume proposition, are also expected to be well down from prepandemic levels, given logistical problems related to preventing the spread of the virus.
This is a space where subscribers can engage with each other and Globe staff. Published Thursday, March 5, 2020 11:39AM EST Rate the stocks as a buy, hold or sell. Hindenburg, which said it is short Cineplex shares, raised concerns about the debt involved in the deal and said the new coronavirus has put pressure on theatre operators.
Non-subscribers can read and sort comments but will not be able to engage with them in any way. Since then, CGX stock has decreased by 73.9% and is now trading at C$7.81. In mid-2017, Cineplex was trading at a price-to-cash-flow ratio of ~20.9 at ~$53 per share.
Thank you for your patience. This is a space where subscribers can engage with each other and Globe staff.
Tech has dominated Wall Street for the majority of 2017, but after a relatively strong Q3 earnings season for our industry behemoths, it makes sense that investors would start taking profits now. Cineplex – a Calgary theatre seen here on June 15, 2020 – said on Monday it had already drawn up contingencies in the event that it found itself jilted by Cineworld.Cineplex Inc. is planning to reopen its movie theatres and shore up its finances as it plots a course as a stand-alone business following the termination of its takeover by Cineworld Group PLC.Cineplex’s shares tumbled almost 17 per cent on Monday, the first day of trade after London-based Cineworld scrapped the $2.2-billion deal.
We hope to have this fixed soon. That means:Comments that violate our community guidelines will be removed.© Copyright 2020 The Globe and Mail Inc. All rights reserved.
The company said it is confident it will be able to deal with any liquidity issues arising from pandemic-related restrictions.This will likely include seeking to revise credit arrangements, including renegotiating debt covenants, as others in the industry have already done, Canaccord Genuity analyst Aravinda Galappatthige said.Cineplex has already taken tough medicine to deal with the crisis, such as laying off its full- and part-time staff, suspending capital spending, halting dividend payments, seeking rent relief from landlords and applying for any government support programs available.However, it is impossible to project how much of an effect this will have on financial results because of the uncertainty over how long the pandemic could last, how that might influence government-imposed restrictions and the timing of reopening its cinemas, the company said.The company’s revenues could be sliced in half this year, to $778-million, with attendance expected to recover slowly, said Tim Casey, an analyst at Bank of Montreal.“It is very unclear how eager consumers are to return to a crowded theatre until there is much more clarity regarding the state of the pandemic. Cineplex, in turn, says its former suitor had no legal basis to renege, but suffered “buyer’s remorse” after the COVID-19 pandemic forced the closing of cinemas, hammering revenues.The Toronto-based company said it plans to seek damages from Cineworld in a Canadian court. If you would like to write a letter to the editor, please forward it to Welcome to The Globe and Mail’s comment community. An investor who sells a stock short makes money when the price of a share falls. Shares in Cineplex were down $4.03 at $28.45 in trading on the Toronto Stock Exchange. Read our Please log in to listen to this story. On January 1, 2017, a barrel of crude closed at $53.99. Supply did taper off in the first quarter of 2017, but it ran in tandem with demand, and so the price of a barrel of crude didn't change. This translation has been automatically generated and has not been verified for accuracy. It said on Monday it plans to bolster its balance sheet while preparing for the gradual reopening of its movie screens across the country.The plans include opening parts of its Rec Room entertainment complexes in Western Canada this week, then six theatres in Alberta on June 26.
Shares of Hawaiian Holdings, Inc. (HA) open more than 7% lower on Wednesday, and continued to fall, down about 11% in morning-trading after the release of an analyst note. THE CANADIAN PRESS/Aaron Vincent ElkaimTORONTO -- Independent cinemas across Canada say they are being kept from screening top films like "Parasite" and "Hustlers" as they're released and they claim theatre giant Cineplex Inc. is to blame. We expect theatres will re-open initially with 30 to 50 per cent capacity to ensure social distancing,” Mr. Casey wrote in a research note.Meanwhile, sales of concession food, normally a high-volume proposition, are also expected to be well down from prepandemic levels, given logistical problems related to preventing the spread of the virus.
This is a space where subscribers can engage with each other and Globe staff. Published Thursday, March 5, 2020 11:39AM EST Rate the stocks as a buy, hold or sell. Hindenburg, which said it is short Cineplex shares, raised concerns about the debt involved in the deal and said the new coronavirus has put pressure on theatre operators.
Non-subscribers can read and sort comments but will not be able to engage with them in any way. Since then, CGX stock has decreased by 73.9% and is now trading at C$7.81. In mid-2017, Cineplex was trading at a price-to-cash-flow ratio of ~20.9 at ~$53 per share.
Thank you for your patience. This is a space where subscribers can engage with each other and Globe staff.
Tech has dominated Wall Street for the majority of 2017, but after a relatively strong Q3 earnings season for our industry behemoths, it makes sense that investors would start taking profits now. Cineplex – a Calgary theatre seen here on June 15, 2020 – said on Monday it had already drawn up contingencies in the event that it found itself jilted by Cineworld.Cineplex Inc. is planning to reopen its movie theatres and shore up its finances as it plots a course as a stand-alone business following the termination of its takeover by Cineworld Group PLC.Cineplex’s shares tumbled almost 17 per cent on Monday, the first day of trade after London-based Cineworld scrapped the $2.2-billion deal.
We hope to have this fixed soon. That means:Comments that violate our community guidelines will be removed.© Copyright 2020 The Globe and Mail Inc. All rights reserved.