National Amusements, Inc. announced that it has reached an agreement in principle for the restructuring of its existing indebtedness. The agreement was reached with representatives of National Amusements' lenders and is subject to the execution of definitive agreements.
The agreement would extend the maturity of National Amusements' existing debt, which would total approximately $1.46 billion after a repayment at closing, to December 31, 2010, with certain repayments due in late 2009 and in 2010. The restructured debt would be secured by substantially all of National Amusements' assets. National Amusements would be permitted to satisfy the indebtedness with cash flow from its operations and through tax refunds and the sale of assets as determined by National Amusements.