Reading International Announces a Further Partial Reacquisition of Its Trust Preferred Securities
February 05 2009 - 9:00AM
PR Newswire (US)
LOS ANGELES, Feb. 5 /PRNewswire-FirstCall/ -- Reading
International, Inc. (NYSE Alternext US: RDI) announced today that
it has consummated a transaction which has resulted in a further
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 a further exchange that has
resulted in our reacquiring $9,924,902 of these securities. In a
transaction which occurred on February 3, 2009 the CDO Issuer has
accepted securities proposed by us for this exchange. We were again
able to effect such exchange at a 50% liquidation discount. That
is, we purchased a total of $4,962,451 worth of third party
securities and gave them to the CDO Issuer. The CDO Issuer
simultaneously returned to us $9,924,902 worth of our preferred
securities. As a result of this transaction, we expect to recognize
an additional forgiveness of debt gain in our first quarter of 2009
of $4,962,451. In total for the first quarter of 2009 our
forgiveness of debt gain will be $11,462,500. As stated above, our
intention was to reacquire up to $22,925,000 of our preferred
securities. This has now been accomplished and we do not foresee
any further reacquisitions of our Trust Preferred Securities at
this time. 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://www.readingrdi.com/
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