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Stock impact report

iPic shares slide 57% after luxury cinema chain files for bankruptcy [MarketWatch]

Ipic Entertainment, Inc CL A (IPIC)  More Company Research Source: MarketWatch
PDF iPic shares slide 57% after luxury cinema chain files for bankruptcy iPic Entertainment Inc. shares slid 57% Monday, after the company said it has filed for chapter 11 bankruptcy to allow it time to restructure its debt. The luxury dine-in cinema chain operator IPIC, -58.08% said it is in talks with numerous parties and will use the bankruptcy filing to either sell itself or reorganize to emerge with a healthy balance sheet and new capital structure. “The financial restructuring will allow the company to further improve and enhance its theaters and dining experiences, continue to provide an unparalleled guest experience that is evidenced by the over 2 million IPIC ACCESS loyalty members, and continue with its expansion plans,” Boca Raton, Fla.-based iPic said in a statement. The news is not a surprise; in late July, the company said it had missed an interest payment on a loan and cautioned investors that it may have to file for bankruptcy. The company has $204 million of debt in fo [Read more]
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