IMAX rebounds with stock buyback

Canada's IMAX Corporation can see the light at the end of the liability tunnel, as it closes in on its debt of US$100 million. Last month, the large format company bought back $90 million worth of notes, which were scheduled to come due in April 2003. IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler issued a statement that said, 'The retirement of 90% of these notes virtually eliminates any April 2003 re-financing risk and puts imax on a solid financial footing to implement our long-term growth strategy.' The company's senior debt of $200 million will come due in December 2005.