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Subsequent Events | 9 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
Subsequent Events | NOTE 18 – Subsequent Events Opening of Olino, West Oahu in Hawaii On October 21, 2016, we opened Olino by Consolidated Theatres, our ninth theatre and first to break ground since 2001 in the state of Hawaii. This location features an eight-screen, state-of-the-art cinema at Ka Makana Ali’i, a 1.4 million square foot regional mall in West Oahu. Potential Prepayment of Burwood Property Sales Proceeds Frasers Property Australia, the buyer of our Burwood Property, informed us that it is under contract to sell a portion of this property and a potential prepayment of $16.7 million (AU$21.8 million) is expected during the fourth quarter of 2016. Amendment to Bank of America Line of Credit In October 2016, we amended our $5.0 million line of credit with Bank of America to provide an extension of the term by two (2) years, from October 31, 2017 to October 31, 2019. In addition, the amendment provided some changes to our debt covenants, including the elimination of minimum unencumbered liquid assets covenants. This modification was not considered substantial in accordance with U.S. GAAP. Amendment to Westpac Bank Corporate Credit Facility In October 2016, we amended our $36.4 million (NZ$50.0 million) credit facility with Westpac Bank to provide a $2.2 million (NZ$3.0 million) increase, thereby amending the total credit facility to $38.6 million (NZ$53.0 million). The increase in the credit facility was specific to the second tranche of our credit facility which is a dedicated construction facility, now of $13.1 million (NZ$18.0 million) from the original limit of $10.9 million (NZ$15.0 million). No drawdowns have been made against the second tranche to date. This modification was not considered substantial in accordance with U.S. GAAP. Board Re-Affirms Independence Determination At its meeting on November 7, 2016, the Board reaffirmed its determination of June 23, 2016, that the interests of the Company and its stockholders would be best served by the continued independence of the Company. Patton Vision, LLC, in a letter dated September 14, 2016, addressed to Ellen Cotter, had reiterated its indication of interest in acquiring all of the stock of the Company at $17.00 per share. In light of the Board’s re-affirmation of its June 23, 2016 determination, management was directed to advise Patton Vision, LLC, that the Board has no interest in pursuing a sale of the Company at this time.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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