Advertisement

Regal Cinemas Files for Bankruptcy

Share via
Bloomberg News

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.

Advertisement
Advertisement