National CineMediasaid today its negotiated a second extension of the grace period on interest payments originally due Feb. 15.
At this time, no agreement has been reached regarding NCM LLCs indebtedness.
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The shares fell 8% to 13 cents today.
National CineMedia’s “Noovie” pre-showNational CineMedia
Moodys downgraded its credit profile, reflecting the view that the risk of default is high.
The partner its referring to isRegalCinemas, whose parentCineworldfiled for Chapter 11.
It expects the company to engage in an in or out-of-court restructuring.
The company is the biggest player for in-cinema advertisting, followed by Screenvision.
Cineworld is closing some Regal theaters.
Regal contributed more than 30% of National Cinemedias annual web connection attendance pre-pandemic, Moodys noted.
Its still a great company, still a viable business.
Our final rating is Neutral, with a final price target of $0.25.
