Regal Cinemas Inc. filed for bankruptcy protection and said 95% of its creditors agreed to back a recovery plan for the nation’s largest movie theater chain.
The plan would allow Denver billionaire Philip Anschutz’s Anschutz Corp. and Los Angeles-based Oaktree Capital Management to take control of the company, which owns 338 theaters with 3,898 screens. Anschutz and Oaktree hold 82% of Regal’s bank debt and 93% of its bonds, according to a Regal spokeswoman.
Knoxville, Tenn.-based Regal listed $1.91 billion in assets and $2.29 billion in debts in Chapter 11 papers filed in U.S. Bankruptcy Court in Nashville. It’s the eighth major U.S. theater operator to file for bankruptcy protection in two years.