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MoviePass' Parent Company Makes New Deal In Attempt To Survive

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MoviePass' parent company is buying itself more time to survive. Business Insider reports Helios and Matheson reached an agreement with its creditors that reduces the amount it owes them. It also frees the company to sell billions of additional shares of its stock. The agreement will reduce the outstanding principal that it owes creditors from $44.5 million to $11.3 million and allows the company to pay off the debt early for half that amount. The company has been funding its ongoing operational losses -- which are due to MoviePass losing a lot of money -- by issuing and selling new shares of stock. Helios and Matheson has been in danger of being delisted by Nasdaq, after its stock fell below $1 a share in May.

Added on the 18/12/2018 16:59:03 - Copyright : Wochit

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