Cinépolis owes more than 27 billion pesos and seeks to restructure its debt

The Mexican cinema chain will negotiate payment options with BBVA, HSBC, Santander and Bancomex, among others.

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One of the areas most affected by the coronovirus epidemic in 2020 was entertainment, specifically movie theaters. With a debt of over 1,350 million dollars, Is cineplus Demand for a bank reorganization agreement.

biggest Cinematography series in the country Collects a loan Over one billion dollars in credit. As Bloomberg quoted s close to the conversation, who requested anonymity because the details are private.

Cinepolis hires financial advisor and asset management firm Lazard To initiate discussions with creditor banks. Contains BBVA , HSBC , Santander And this National Foreign Trade Bank (BancoMext) s said.

For their part, the banks chose FTI Consulting As their advisor in the negotiations that began in early December.

That’s how Cinepolis gets its debt

loan Includes a loan of 382 million dollars (7.5 billion Mexican pesos), expiring in 2023. Revolving loan has been added for this 200 million dollars (4 billion MXN) matured in 2024. Furthermore, he attained a fixed term MXN debt matures 9,750 million In 2026.

These credits are linked to operational obligations in India, Brazil and the Middle East. Overall, the talks cover $ 1.35 billion (about MXN 27 billion) Loans were detected in at least 17 banks, one of the informers.

Established in Morelia, Michoacán Alejandro Ramirez’s company is 862 campuses in 17 countries In form of United States, Spain, India and Brazil . Maintains the company only in Mexico City and the State of Mexico, which live on red lights from December 19 to January 10 111 closed campus.

The introduction of vaccine applications in various countries, including Mexico, makes banks more willing to help companies like Cinepolis, Bloomberg explains.

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