But Cineplex faces another challenge as a $2.8-billion deal to be acquired by Cineworld PLC hangs in the balance. The agreement to be purchased by the London-based company is still subject to various conditions, including Investment Canada Act approval, that must be met by June 30.
Cineplex offered investors an update on the process, acknowledging that certain conditions of the acquisition haven’t been met yet, and that COVID-19, and government reactions, have made “business planning uncertain for the exhibition and location-based entertainment industries.”“Cineplex is managing its business to reduce expenses in an amount necessary to offset declining revenues,” the company said.
“The possibility of prolonged closures could impact the ability of Cineplex to mitigate the related revenue decline and satisfy the debt condition or other of the remaining conditions.”
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