Search results for Cinemark

The company will ramp up employees two week prior to opening and take precautionary measures, such as social distancing and spacing limitations. It plans to issue $250 million worth of debt securities for general corporate purposes and to increase liquidity, seek relief from landlords, and receive a $20 million cash tax refund and funds from the $2 trillion CARES Act.

Some of the COVID-19 cash-preserving methods that will be implemented include the suspension of the company's $42 million quarterly dividend, a $20 million tax refund request, and a 20% furlough off of 60% of the Plano, Texas headquarters' employees' salaries. The company's CEO and board of directors will also forgo their salaries throughout the crisis.