Cinedigm announces approximately $ 3.5 million debt reduction with final repayment of non-recourse loan from Prospect Capital Corporation
The company has now completely eliminated all debt balances
LOS ANGELES, CA / ACCESSWIRE / July 15, 2021 / Cinedigm (NASDAQ: CIDM), the leading independent streaming company serving passionate fan bases, today announced that the company has repaid the remainder of its Prospect Digital Cinema loan in the amount of approximately $ 3.5 million. dollars, as of July 9, 2021. the sale of certain digital cinema equipment has enabled debt reduction and improved balance sheet.
“With this final repayment of our non-recourse loan from Prospect, we are now completely debt free,” said Gary Loffredo, President, Chief Operating Officer and General Counsel of Cinedigm. âWe reduced our debt balance to zero by almost $ 49 million at the end of last year. Our strong debt-free balance sheet allows us to support our rapidly growing streaming business and our strategy of consolidating accretive acquisitions. “
For more than twenty years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains hundreds of millions of consumers around the world by providing premium content, streaming channels and technology services to the world’s largest media, technology and retail companies. For more information, visit http://www.cinedigm.com/.
Cinedigm uses and will continue to use its website, press releases, SEC records and various social media channels, including Twitter (https://twitter.com/cinedigm), LinkedIn https://www.linkedin.com/company/cinedigm/), Facebook (https://facebook.com/Cinedigm), StockTwits (https://stocktwits.com/CinedigmCorp) and the website of the Company (www .cinedigm.com) as an additional means of disclosing public information to investors, the media and others interested in the Company. Certain information that the Company publishes on its website, in press releases, in documents filed with the SEC and on social media may be considered material information, and the Company encourages investors, the media. and others interested in the Company to review the business and financial information that the Company publishes on its website, disseminates in press releases, documents filed with the SEC and on the social media channels identified above, as this information could be considered important information.
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SOURCE: Cinedigm Corp.
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