Initiated a new positionJust bought into Cineplex at $10.90. I was waiting for this deal to fall through, it wasn't a matter of if but when.
Will one of Canada's largest entertainment venue company go bankrupt? I doubt it.. Their debtors will probably loosen up their debt covenants and Cineplex is okay with cash. This is now a sub $700m company.
Unlikely the courts will rule in our favour on the Cineworld acquisition. COVID is a viable excuse and even though the wording of the agreement is on our side, no court will set the precdent of forcing a company that won't be able to afford it to acquire a company given the current climate.
Ford will be discussig today whether Ontario is moving forward with Phase this week. Could be a catalyst if we're moving forward with reopening nationally.