![]() The Teachers' Retirement System of Alabama has agreed to provide iPic with a $16 million bankruptcy loan, according to court documents. Before filing for bankruptcy, iPic negotiated with its lenders who now have a 90-day window for iPic to be sold or recapitalized. IPic is trying to sell itself, according to court documents. The company had warned investors last week that it might file for bankruptcy after it missed an interest payment to the Employees Retirement System of Alabama and the Teachers' Retirement System of Alabama totalling $10.1 million, according to a company filing. Current management will stay in place to work with the company's restructuring advisors and continue business uninterrupted, the company said. Marcus & Millichap Brokers $9.4 Million Sale of Keystone Shoppes Retail Center in Miami OctoHomeSense to Open 30,000-Square-Foot Store at University Town Center in Sarasota, Florida OctoKroger to Acquire Albertsons in $24.In addition, delays in building a Delray Beach location resulted in unexpected costs that slowed down other development and openings for the company, Hashemi said. SRS Negotiates $3.2 Million Ground-Lease Sale of Tampa Bay Retail Property Occupied by Fifth Third Bank OctoJLL Brokers $85 Million Sale of Shoppes at Park Place in Tampa Bay Area OctoCoro Realty Sells Metro Orlando Shopping Center for $23.5 Million October 24, 2022 Winn-Dixie Parent Company Moves Forward With Initial Public Offering JanuCrossMarc, MCB Acquire 202,050-Square-Foot Shopping Center in Melbourne, Florida NovemAlbany Road Acquires 134,000-Square-Foot Retail Center Located in Orlando November 8, 2022īath & Body Works Appoints New Chief Executive Officer with 30 Years of Experience NovemSix New Tenants Join Gateway Commons in Palmetto, Florida NovemMarcus & Millichap Brokers $7.7 Million Sale of Harmony Plaza Shopping Center in Port Richey, Florida November 1, 2022 Puttshack Raises $150 Million in Growth Capital, Unveils Expansion Plans OctoPacific Star Capital Appoints Wright Sigmund as Principal JanuAldi to Open 100 New Grocery Stores in 2021 Coast-to-Coast February 10, 2021 The Boca Raton, Florida-based company operates 16 dine-in theaters in nine states with plans to open locations in four more states. According to its first quarter earnings statement, same-store sales for the company were down 21.7 percent in first-quarter 2019 compared to first-quarter 2018. IPIC anticipates that the restructuring process will conclude in 90 to 120 days. Representing IPIC through the bankruptcy process are Pachulski Stang Ziehl & Jones LLP as legal counsel, Aurora Management Partners as the financial adviser and PJ Solomon as the investment banker. IPIC’s stock price closed Friday at $1.67 per share, down from $7.30 per share a year ago and $3.20 on July 5 of this year. “Importantly, delays related to the Delray Beach location, resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings.” “Delays in development cycle combined with the high cost of capital depleted IPIC’s available resources before the company was able to reach critical mass and become self-funded,” says Hashemi. ![]() Hashemi notes that issues stemming from IPIC’s expansion plans for building 25 locations in four to five years are the principal culprit behind their missed payment to RSA. Hamid Hashemi, founder and CEO of IPIC, says that the company’s movie theaters will remain open and its employees and vendors are being paid. IPIC borrowed $204 million from RSA, according to media reports. In July, the company missed a $10 million interest payment to Retirement System of Alabama (RSA) and notified investors that it might have to file for bankruptcy. Luxury movie theater company IPIC Entertainment (Nasdaq: IPIC) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court District of Delaware where it will seek approval of either a sale or financial reorganization plan. ![]()
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