Back from the brink of bankruptcy, exhibitor Loews Cineplex has postponed its planned $300m initial public offering, citing unfavourable market conditions.
One of North America's largest circuits, the company is under the control of Toronto-based Onex Corp., headed by leveraged buyout specialist Gerald Schwartz, and LA based investment firm Oaktree Capital Management.
Onex Corp. said it is awaiting improved market conditions before approaching capital markets; investment dollars from an offering would go to pay down debt. Schwartz had said he was inspired by the IPO earlier this year of competitor Regal Cinemas but Regal's share price has dropped significantly since then.
New York-based Loews Cineplex has more than 2,400 screens in North America, Spain and South Korea.