National CineMedia Inc , the biggest movie-theater advertising business in North America, said on Tuesday it filed for bankruptcy protection and had entered into a restructuring agreement with its lenders.
, the biggest movie-theater advertising business in North America, said on Tuesday it filed for bankruptcy protection and had entered into a restructuring agreement with its lenders.
In an effort to de-leverage its balance sheet, NCM said it entered into an agreement with its secured lenders to convert its debt into equity. The company will receive an ownership interest of about 14% in the restructured entity, it said. "Today's transactions will position us to deliver the strong results our advertisers and cinema partners have come to expect from us today and well into the future," Tom Lesinski, the chief executive officer of NCM said in a statement.
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