Showcase Cinemas may sell some theaters
National Amusements, which operates Showcase Cinemas, may have to sell some of its theaters because the company has to come up with an $800 million debt payment next month.
Owner Sumner Redstone is trying to restructure $1.6 billion in loans used to build new theaters. Last month he had to sell $233 million of stock in Viacom and CBS Corp. to meet debt payments.
Redstone has vowed not to sell anymore of his shares. He has said he is no longer bullish on the future of the cinema business.
This has put him in conflict with his daughter Shari who has run National Amusements for more than a decade. She has offered to swap her stake in National Amusements for ownership of Showcase Cinemas.
Read more in the Los Angeles Times.