Vivek Oberoi to star in film on Balakot air strikesVivek Oberoi to star in film on Balakot air strikes

New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

Washington, Jul 16: Actor Chris Evans, better known as 'Captain America', made a six-year-old boy's day by sending him a personalised video message lauding his heroic act of saving his younger sister from a dog attack.

According to The Hollywood Reporter, the aunt of the young boy (Bridger Walker from Cheyenne) posted on Instagram the story of how the boy saved his sister on July 9 and was horribly injured in the process.

She shared the story on the photo-sharing platform on Sunday and also posted few photos featuring the brother-sister duo as well as pictures of the injuries on Walker's face.

"After receiving 90 stitches (give or take) from a skilled plastic surgeon, he's finally resting at home," wrote the aunt (Nikki Walker).
"We love our brave boy and want all the other superheroes to know about this latest hero who joined their ranks," she added.

Moved by the young boy's story, Evans made a direct video message appreciating the boy for what he did, and how he is no less than a superhero.

He also promised to send the young kid an authentic 'Captain America' shield as a reward for his selfless, heroic act.

Evans' video message to the young boy was shared by the aunt on her Instagram profile.
In the video, Evans is saying, "Pal, you're a hero, what you did was so brave, so selfless -- your sister is so lucky to have you as a big brother.

Your parents must be so proud of you," Evans said in a video message that the family shared Wednesday. "Keep being the man you are, we need people like you. Hang in there, I know recovery might be tough, but based on what I've seen, I don't think there's much that can slow you down."

Towards the end, the 39-year-old actor told the boy he was sending the 'Captain America' shield to him, as the world needs more bravehearts like the little boy.