Regal Owner Cineworld Receives Approval for ‘First Day’ Relief on Chapter 11 Proceedings
Group, which has 9,139 screens in 10 countries, has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for “first day” relief related to its Chapter 11 proceedings filed on Sept. 7. The group’s companies includeThe court granted the group immediate access to up to some $785 million of an approximate $1.
Summarizing, Cineworld said the approval will allow the group’s companies to, “pay vendors and suppliers in full and on normal terms for valid amounts for goods and services received during the Chapter 11 process. Employees will also continue to receive their usual wages and benefits without interruption.”
It said that Cineworld and its brands – including Regal, Cinema City, Picture House and yes Planet – are continuing to welcome moviegoers to theaters as usual, and that will not change during the Chapter 11 process. The group will continue to honor the terms of all existing customer membership programs, including Regal Unlimited and Regal Crown Club in the U.S. and Cineworld Unlimited in the U.K.
“Today’s approval of our requested ‘first day’ relief is a positive step forward for the group and our restructuring efforts,” said, CEO of Cineworld. “As we position Cineworld for long-term growth, through this Chapter 11 process and beyond, we remain steadfast in our commitment to providing our guests with the most memorable moviegoing experiences and maintaining our long-standing relationships with our business partners.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cineworld, the world's second largest movie theater chain, files for bankruptcy | CNN BusinessCineworld Group — the world's second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection.
Read more »
Regal Cinemas’ parent company Cineworld files for Chapter 11 bankruptcyMovie theater operator Cineworld Group LLC, owner of Regal Cinemas, has filed for Chapter 11 bankruptcy protection in the U.S. as it deals with billions of dollars in debt and lower-than-expected attendance at screenings.
Read more »
Kim Kardashian Would Do A Marvel MovieKim Kardashian doesn't mind the thought of appearing in a Marvel movie. The social media [...]
Read more »
Rust Movie Productions denies allegations of wrongdoing by New Mexico safety agencyRust Productions, the company behind the movie 'Rust,' has denied allegations of wrongdoing made against it by New Mexico's OSHA.
Read more »
OPENING DAY: Highly Anticipated ‘My Son Hunter’ Movie Launch Rattles the LeftToday, the highly anticipated theatrical film MySonHunter has opened to rave reviews and leftist panic, as the movie’s trailer has crested to over 4.5 million cross-platform views and climbing.
Read more »