Reading International Announces Partial Reacquisition of Its Trust Preferred Securities
January 15 2009 - 2:52PM
PR Newswire (US)
LOS ANGELES, Jan. 15 /PRNewswire-FirstCall/ -- Reading
International, Inc. (NYSE Alternext US: RDI) announced today that
it has consummated a series of transactions which have resulted in
a reduction of its debt. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO) In line
with our previously announced intention to reacquire up to
$22,925,000 of our preferred securities held by Kodiak CDO II Ltd.
(the "CDO Issuer"), we have completed exchanges that have resulted
in our reacquiring $13,000,098 of these securities. In two separate
transactions which occurred on January 14th and January 15th, 2009
the CDO Issuer has accepted securities proposed by us for this
exchange. In each case we were able to effect such exchange at a
50% liquidation discount. That is, we purchased a total of
$6,500,049 worth of third party securities and gave them to the CDO
Issuer. The CDO Issuer simultaneously returned to us $13,000,098
worth of our preferred securities. As a result of these
transactions, we expect to recognize a forgiveness of debt gain of
$6,500,049 in the first quarter of 2009. As stated above, our
intention is to reacquire up to $22,925,000 of our preferred
securities. With regard to the remaining $9,924,902 currently not
reacquired, we cannot predict whether or when any further exchanges
will occur. About Reading International, Inc. Reading International
(http://www.readingrdi.com/) is in the business of owning and
operating cinemas and developing, owning and operating real estate
assets. Our business consists primarily of: -- the development,
ownership and operation of multiplex cinemas in the United States,
Australia and New Zealand; and -- the development, ownership and
operation of retail and commercial real estate in Australia, New
Zealand and the United States. Reading manages its worldwide cinema
business under various different brands: -- in the United States,
under the -- Reading brand, -- Angelika Film Center brand
(http://angelikafilmcenter.com/), -- Consolidated Theatres brand
(http://www.consolidatedtheatres.com/), and -- City Cinemas brand;
-- in Australia, under the Reading brand
(http://www.readingcinemas.com.au/); and -- in New Zealand, under
the -- Reading (http://www.readingcinemas.co.nz/) and -- Rialto
(http://www.rialto.co.nz/) brands. For more information, contact:
Andrzej Matyczynski, Chief Financial Officer Reading International,
Inc. (213) 235 2240
http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO
http://photoarchive.ap.org/ DATASOURCE: Reading International, Inc.
CONTACT: Andrzej Matyczynski, Chief Financial Officer of Reading
International, Inc., +1-213-235-2240 Web Site:
http://angelikafilmcenter.com/ http://www.consolidatedtheatres.com/
http://www.readingcinemas.co.nz/ http://www.readingcinemas.com.au/
http://www.readingrdi.com/ http://www.rialto.co.nz/
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