expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the prior year’s quarter and the struggling theater anticipates material write-downs of assets, according to an SEC filing Tuesday morning with preliminary financial results.The company also said it will sell 15 million shares to raise fresh cash. It recently raised close to $55 million selling the same number of shares.
Interest expense for the three month will be approximately $94 million compared to $85 million for the year ago. “As previously disclosed, in the absence of significant increases in attendance from current levels or the availability of significant additional sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021. Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity and/or increases in attendance levels.
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