'Nothing Wrong With Soha Ali Khan Wearing A Sari,' Says Tiger Shroff

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.

London, Jul 4: Hollywood star Chris Hemsworth says he is really excited about the biopic on WWE legend Hulk Hogan, which is currently in development.

"The Thor" actor revealed that he will bulk up his physique for the much-anticipated film to be directed by “Joker” helmer Todd Phillips.

“This movie is going to be a really fun project. As you can imagine, the preparation for the role will be insanely physical. I will have to put on more size than I ever have before, even more than I put on for Thor.

''And then there is the accent as well as the physicality and the attitude. I will also have to do a deep dive into the rabbit hole of the wrestling world, which I'm really looking forward to doing,” Hemsworth told British magazine Total Film.

The project was announced last year, with “8 Mile” scribe Scott Silver and John Pollono attached to pen the script.

It is expected to look into Hogan's rise from the Florida wrestling circuit to becoming the face of the World Wrestling Federation in the 1980s where he squared off with villain Andre the Giant.

The 36-year-old actor, however, said that the team is still “quite a way away” from starting production on the film.

“'I haven't even seen a script yet. The project is deep in development. Todd Phillips and I met to chat about it maybe a year or two ago. We talked about the idea for the film, which I think was going to be a TV series at one point.

''There were a few different ideas about what portion of his life it was going to be set in, so we spitballed about what it could be and what I thought it might be. Thankfully, they ran with a few of those ideas and the script is in the process of being written - but Hulk Hogan is still quite a way away.''

The biopic will be produced by Michael Sugar through his Sugar23's first-look Netflix deal along with Joint Efforts' Phillips and Bradley Cooper, Eric Bischoff, and Hemsworth.

Hogan will also serve as executive producer along with Sugar23's Ashley Zalta. Steve Desmond and Michael Sherman will serve as co-producers.