(24.1634%) and prepetition secured lenders TRSA (16.189%) and ERSA (7.974%) are the largest holders of Class A common stock. Equity: iPic Entertainment, the ultimate parent company of the debtors, is currently traded on the NASDAQ under the symbol “IPIC.” Village Roadshow Attractions USA, Inc.Unsecured debt (vendors, suppliers and other unsecured trade creditors): $13 million to $15 million.Secured debt: Teachers’ Retirement System of Alabama and The Employees’ Retirement System of Alabama: $205 million in principal outstanding.The company’s prepetition capital structure includes: The company reports $158.7 million in assets and $277.9 million in liabilities as of the year ended Dec. The first day hearing has been scheduled for Tuesday, August 6, at 2 p.m. The DIP motion contemplates the ability for lenders to credit bid both prepetition and DIP amounts. Concurrent with the sale process, the debtors say that they intend to continue operating in accordance with terms of an agreed budget with The Teachers’ Retirement System of Alabama, or TRSA, and the Employees’ Retirement System of Alabama, or ERSA, the debtors’ primary prepetition secured lenders, who have also agreed to provide $16 million in revolving DIP financing, with no proposed rollup. The debtors intend to seek approval of bidding procedures that will facilitate PJ Solomon’s efforts to identify a purchaser or plan proponent to complete the restructuring. With the assistance of their proposed advisors, the debtors say that they intend to continue their postpetition marketing efforts with prospective purchasers and hopefully structure a recapitalization through a plan or sale. The debtors say that they believe, however, that their underlying business model remains strong, “bolstered by positive guest experience and loyalty.” To that end, the debtors have reached an agreement with their secured lenders on a budget to provide for a “90-day sale to market and either sell or recapitalize the Company pursuant to a restructuring transaction,” through PJ Solomon as investment banker. After achieving “double-digit” growth with a unique offering and market position, rising competition from theaters in their operating areas that made upgrades to offer similar amenities as the debtors at a lower price point, iPic’s growth slowed. The company trades on the Nasdaq under the ticker IPIC.
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IPic-Gold Class Entertainment, LLC, a Boca Raton, Fla.-based publicly-traded combined movie theater and restaurant company with 16 locations in 9 states that provide a “luxurious movie-going experience at an affordable price,” filed for chapter 11 protection today in the Bankruptcy Court for the District of Delaware, reporting $100 million to $500 million in both assets and liabilities.