Date: 29th August 2000

Another Exhibitor Can't Pay The Bills

Loews Cineplex Entertainment Corp. has become the latest big exhibitor to issue a dire notice about its financial condition, warning on Friday that its second-quarter earnings will be substantially lower than last year and that it may not be able to meet the interest payments on its principal bank loans.

In a statement released after the close of trading, Loews Cineplex chief Lawrence Ruisi said that Loews is in discussions with lenders to alter some of its financial covenants. Ruisi blamed the "disappointing" summer offerings from the studios.

Source: Studio Briefing