Carmike Cinemas extends consent solicitation for 7½% notes due 2014

New York, June 1 - Carmike Cinemas, Inc. said it has extended its consent solicitation for its 7½% senior subordinated notes due 2014.

The expiration is now 5 p.m. ET on June 2 instead of 5 p.m. ET on June 1.

As announced on May 25, the Columbus, Ga.-based motion picture exhibitor is seeking consents for proposed amendments of certain provisions and a waiver of defaults.

The waiver and proposed amendments will waive for 90 days the covenant that requires Carmike to file with the Securities and Exchange Commission and furnish to noteholders financial reports as well as waive any defaults under the indenture.

The company said it will pay a consent fee of $20.00 in cash for each $1,000 in principal amount of notes in the event Carmike does not file its 10-K for the year ended Dec. 31 on or before June 2.

If the company has filed its 2005 10-K on or before June 2, the company said it will instead offer a consent fee of $10.00 in cash for each $1,000 in principal amount of notes.

In addition to the consent fee, Carmike said it will temporarily increase the interest rate on the notes by 1% from the consent date through the company's filing date if the consents are received.

Carmike is seeking consents from holders of a majority of the notes.

Bear, Stearns & Co. Inc. is the solicitation agent (877 969-2327 or call collect 212 272-5112). D.F. King & Co., Inc. is the information agent (888 644-5854 or call collect 212 269-5550).

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