Screentime
Cinemex Works on Restructuring Deal, Shutters Theaters
- Remaining 42% of cinemas closed indefinitely to wait out virus
- Mining magnate-backed chain in talks on $230 million of debt
Photographer: Andre Coelho/Bloomberg
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Mexico’s second-largest movie theater chain, Grupo Cinemex SA, is closing its cinemas indefinitely and is working with banks to restructure at least $230 million in debt.
Cinemex, owned by the family that controls copper miner Grupo Mexico, is closing in on a deal with banks including Banco Bilbao Vizcaya Argentaria SA, HSBC Holdings Plc, Banco Santander SA and Bank of Nova Scotia, according to people familiar with the private negotiations.