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Author Topic: UA's financial situation
Scott Madsen
Film Handler

Posts: 58

Registered: Oct 1999


 - posted 10-03-1999 09:59 PM      Profile for Scott Madsen   Email Scott Madsen   Send New Private Message       Edit/Delete Post 
I was just wondering if anyone has the latest news on UA's financial situation? How close are they to Chapter 11?

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Joe Redifer
You need a beating today

Posts: 12859
From: Denver, Colorado
Registered: May 99


 - posted 10-04-1999 02:13 AM      Profile for Joe Redifer   Author's Homepage   Email Joe Redifer   Send New Private Message       Edit/Delete Post 
They just filed and are in the process of firing every employee! Just kidding.

Actually, UA just avoided defaulting on their loans. However a spokesperson for UA says that they still owe somewhere between $350 million and $375 million.

What stumps me is how they could say "Somewhere between $350 and $375 million". How could they not know exactly how much they know, at least to the millions of dollars? That's a lot of money to lose track of. Now wonder they are in trouble with accounting like that.

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999


 - posted 10-06-1999 10:32 PM      Profile for Ken Layton   Email Ken Layton   Send New Private Message       Edit/Delete Post 
Over on Delphi.com (Motion Picture Exhibitor's Forum), UA is closing some more theaters.
It's under the heading: "Bad Week For The Big Boys".

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Ky Boyd
Hey I'm #23

Posts: 314
From: Santa Rosa, CA, USA
Registered: Jun 99


 - posted 10-08-1999 10:12 AM      Profile for Ky Boyd   Author's Homepage     Send New Private Message       Edit/Delete Post 
FWIW, here is a link to UA's press release regarding operating results through July 1, 1999. http://biz.yahoo.com/bw/990810/co_united__1.html

As you can see in the limited financials they present, the company does actually generate a positive cash flow before interest, taxes, depreciation and amortization (EBITDA). Of course their debt is so huge they are getting killed on the debt service.

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999


 - posted 10-08-1999 01:31 PM      Profile for Ken Layton   Email Ken Layton   Send New Private Message       Edit/Delete Post 
The new Oct 4 - 10 issue of Weekly Variety is now reporting UA owes 450 Million dollars.
General Cinemas and AMC are also having money problems.
Warner Bros. and Paramount have now purchased Mann Theaters and will be selling off some of them.


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