Erik Gruenwedel
March 26, 2020
National Amusements and its wholly-owned subsidiary NAI Entertainment Holdings LLC March 26 announced that it has reached an agreement with its lenders to increase its credit facility to $125 million.
NAI, which is the majority stakeholder of ViacomCBS, said it would have “ample liquidity,” in addition to substantial cash reserves, to fund operations, which includes more than 950 (now shuttered) movie screens in the U.S., U.K. and Latin America.
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The company held by Sumner Redstone and his daughter Shari Redstone said it would not sell stock in ViacomCBS and does not intend to pledge additional stock of ViacomCBS — which has plummeted 43% in the past month as business segments throughout Hollywood remain shuttered due to the global coronavirus pandemic.
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