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CINEPLEX ODEON CORPORATION ANNOUNCESCOMPLETION OF AGREEMENT WITH PRINCIPAL SHAREHOLDERS

 TORONTO, April 28 /PRNewswire/ -- Cineplex Odeon Corporation (NYSE: CPX) announced today that pursuant to the previously announced agreement between the Corporation and two of its principal shareholders, an aggregate amount of U.S. $12,499,300 of debt owed to such shareholders has been converted into equity of the Corporation.
 MCA INC. of Los Angeles converted U.S. $6,249,650 of debt into 3,881,770 Subordinate Restricted Voting Shares at a subscription price of U.S. $1.61 per share. The SRV Shares are convertible into Common Shares on a one for one basis under certain circumstances. The Charles Rosner Bronfman Trust of Montreal converted U.S. $6,249,650 of debt into 3,881,770 Common Shares at a subscription price of U.S. $1.61 per share. The subscription price per share was based on the weighted average trading price of the Common Shares of the Corporation on The Toronto Stock Exchange on the five trading days following the press release announcing both the agreement with the major shareholders and amendments to the Corporation's long-term bank debt agreement.
 MCA now owns 46,729,131 SRV Shares representing 100 percent of the SRV Shares issued and outstanding. The Trust now owns 21,030,411 Common Shares representing 33.7 percent of the issued and outstanding Common Shares. The Trust, together with certain associates, now owns 28,107,927 Common Shares representing 45 percent of the issued and outstanding Common Shares.
 As previously announced, the remaining debt in the aggregate amount of U.S. $12,499,300 owing to MCA and the Trust by the Corporation is to be converted into equity of the Corporation on or before Dec. 31, 1994.
 Cineplex Odeon is one of North America's largest theater circuits, with 1,614 screens in 363 locations, primarily in major markets. The Corporation's shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol CPX.
 -0- 4/28/93
 /CONTACT: Howard Lichtman, executive vice president, marketing & communications, of Cineplex Odeon Corporation, 416-323-6634/
 (CPX)


CO: Cineplex Odeon Corporation ST: Ontario IN: ENT SU:

LR -- NY025 -- 1841 04/28/93 09:29 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:359
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