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29-Jan-2020 03:10

Delays in development cycle combined with the high cost of capital depleted IPIC's available resources before the company was able to reach critical mass and become self-funded.

Importantly, delays related to the Delray Beach location, resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings.

4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.

The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than 0.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

Competitors include national and regional circuits and smaller independent exhibitors.

Moviegoers are not as brand conscious as other types of consumers and often choose a theater based on its location, the films showing there, showtimes and theater amenities.

Concurrent with the sale process, the Debtors intend to operate their business in the ordinary course and maximize the value of their assets in accordance with terms of the agreed budget with the RSA.

In many cases, the Debtors lost discounts and incurred penalties for late payments to creditors.Rising construction costs also negatively impacted the buildout of new locations.The Debtors’ construction costs increased significantly from 2010 to 2019 due to rising construction costs nationally.This pattern of late payments resulted in increased operating costs and reduced profitability of the operating locations.

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While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of million from the IPO was not sufficient to fund continuing development.Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP (.8mn professional services claim), (ii) Class Action Claimants (

While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of $17 million from the IPO was not sufficient to fund continuing development.

Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

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While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of $17 million from the IPO was not sufficient to fund continuing development.Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures (

While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of $17 million from the IPO was not sufficient to fund continuing development.

Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

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While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of $17 million from the IPO was not sufficient to fund continuing development.Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

.3mn trade debt).