Village Roadshow has entered a trading halt as the entertainment and cinema company looks to raise further capital to combat its debt woes.
In a statement to the ASX, the company requested the halt to remain in place until Wednesday 11 July.
Last week, it revealed it had sold its stake in the wholly owned water park Wet 'n' Wild Sydney to Spanish entertainment company Parques Reunidos, for $40 million.
The company stated the funds generated from the sale would also go towards reducing the company's debts.
The sale will result in a pre-tax loss of approximately $25m.
Village Roadshow, which is going through its digital transformation with Adobe, uses OMD for media, Isobar for digital and manages its creative in-house.
OMD retained the account in 2016 and at the time, according to Nielsen figures, Village Roadshow spent $54 million in media.
Speaking to AdNews at the Adobe Summit in the US this year, Village Roadshow marketer Clare Smith explained how the business had been forced to rethink TV ad spend. She also gave her take on why Facebook and Google brand safety issues should 'kick marketers up the butt'.
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