Kristina Schake, who joined Disney a little more than a year ago as EVP and Chief Communications Officer, is getting a pay raise and a contract extension.
01.04.2023 - 00:39 / deadline.com
National CineMedia said today it’s negotiated a second extension of the grace period on interest payments originally due Feb. 15.
A one-month grace period for a payment said to be about $6.6 million ended March 15, when the company announced lenders had agreed to another 17 days. Big ratings agencies Moody’s and S&P Global declared the cinema advertising firm in technical default then and raised the possibility of a restructuring.
With that deadline set to expire, the company has revealed in a SEC filing another ten-day reprieve – or a total grace period upped from 47 to 57 days — to pay interest on 5.75% senior unsecured notes due in 2026.
It reiterated it “has sufficient liquidity to pay interest on the Notes” but that “extending the grace period will enable [it] to continue engaging in negotiations with … lenders regarding [its] indebtedness. At this time, no agreement has been reached regarding NCM LLC’s indebtedness.”
The shares fell 8% to 13 cents today. It’s been a penny stock for some time and said last year it had been notified by Nasdaq that it risks a delisting.
Moody’s downgraded its credit profile, “reflecting the view that the risk of default is high.”
“A difficult macro environment, uncertain advertising demand and the recent bankruptcy filing and litigation of NCM’s primary exhibitor partner will make it difficult for NCM to improve earnings to a level that is supportive of its current capital structure,” the agency said. The partner it’s referring to is Regal Cinemas, whose parent Cineworld filed for Chapter 11.
S&P lowered its rating to D from CCC, writing last week, “We view the delayed interest payment as a default.” It expects the company “to engage in an in or out-of-court restructuring.”
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Kristina Schake, who joined Disney a little more than a year ago as EVP and Chief Communications Officer, is getting a pay raise and a contract extension.
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