Muvico Theaters, appear today that it has completed a banking restructuring whereby it has awash four of its amphitheater locations to Plano, Texas based Cinemark USA, Inc. and retired all of its chief debt obligations. Amidst bad bread-and-butter times, the cine industry continues to beat abounding added industries and is up about 10% year over year. Muvico has done decidedly able-bodied and its achievement is afterpiece to 12%. While this industry has remained decidedly able in recessionary times, it is still alarmingly important that Hollywood continues to aftermath acceptable movies. We are aflame to be a allotment of this new affiliate in Muvico's evolution. A newer, abate and debt chargeless Muvico will be the absolute belvedere to abound the Company. Muvico is now able-bodied positioned to crop our casting and added advance our character above just movies into a broader ball enterprise. These projects absolutely represent our eyes traveling advanced and we are actual advantageous in this bread-and-butter ambiance to accept able our banking restructuring, backward all of our outstanding chief debt, as able-bodied as accepting added basic which will acquiesce us to complete these agitative projects.
Ft. Lauderdale, FL -- Muvico Theaters, appear today that it has completed a banking restructuring whereby it has awash four of its amphitheater locations to Plano, Texas based Cinemark USA, Inc. and retired all of its chief debt obligations. The four theaters awash cover Muvico Palace 20 (Boca Raton, FL), Muvico Boynton 14 (Boynton Beach, FL) Muvico Paradise 24 (Davie, FL) and Muvico Egyptian (Hannover, MD). These locations will be rebranded beneath the Cinemark name over the next few months.
In addition, Joseph Amaturo, a arresting South Florida administrator and continued time Muvico broker has fabricated an added investment in Muvico which will now pave the way for new projects as able-bodied added amenities and upgrades to its absolute facilities. Mr. Amaturo is now Chairman and sole buyer of the Company.
In cogent his aplomb in the Company and industry, Mr. Amaturo stated, "Amidst bad bread-and-butter times, the cine industry continues to beat abounding added industries and is up about 10% year over year. Muvico has done decidedly able-bodied and its achievement is afterpiece to 12%." Mr. Amaturo added, "While this industry has remained decidedly able in recessionary times, it is still alarmingly important that Hollywood continues to aftermath acceptable movies."
As a aftereffect of the restructuring and added investment, Muvico will now be bigger positioned to focus on its absolute operations as able-bodied as strategically abacus theaters in new markets such as the accession of its newest amphitheater in Thousand Oaks, California, which opened with a abundant accord of alarum endure month. Muvico's added nine theaters are: Parisian 20 in West Palm Beach (FL), Rosemont 18 in Chicago (IL), Pompano 18 in Pompano Beach (FL), Hialeah 14 in Hialeah (FL) and 5 locations in the West Florida across -- Starlight 20, Centro Ybor 20, Baywalk 20, Coconut Point 15 and Palm Harbor 10.
As allotment of the focus on its absolute facilities, Muvico intends to advance basic appear added advance these accessories and is evaluating the accession of new ball amenities to acclaim and enhance the cine traveling experience. These new amenities cover the accession of alternate gaming, bar and dining accessories and aloof seating. Muvico has aswell anchored an acceding with Sony Electronics to catechumen its absolute amphitheater ambit to Sony Digital 4K Projectors; the Super Definition architecture is the accomplished accepted accessible to date. Muvico was the aboriginal aggregation in the industry to accouterments an absolute circuitous with the Sony technology at its Chicago, IL and Thousand Oaks, CA locations.
In a account today, Michael F. Whalen, Jr., President and CEO of the Company said, "We are aflame to be a allotment of this new affiliate in Muvico's evolution. A newer, abate and debt chargeless Muvico will be the absolute belvedere to abound the Company. Muvico is now able-bodied positioned to crop our casting and added advance our character above just movies into a broader ball enterprise."
Muvico afresh active deals to body new accessories in Coconut Grove, FL, Malvern, PA, and Fredericksburg, VA, It is envisioned that these accessories will beset added than acceptable Muvico cine complexes and will cover such amenities as abounding account restaurants, affluence bowling lanes via its cardinal accord with Splitsville Bowling, LLC, alternate gaming via its accord with Sony Electronics, as able-bodied as added night time entertainment. According to Whalen, "These projects absolutely represent our eyes traveling advanced and we are actual advantageous in this bread-and-butter ambiance to accept able our banking restructuring, backward all of our outstanding chief debt, as able-bodied as accepting added basic which will acquiesce us to complete these agitative projects."
Muvico Theaters, based in Fort Lauderdale, Florida, now currently operates 169 screens in ten cine amphitheater locations. The accumulated address is amid at 3101 North Federal Highway, 6th Floor, Ft. Lauderdale, FL 33306-1042.
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