Loews Cineplex Recovery Plan Wins Judge’s OK

Loews Cineplex Entertainment Corp. won a judge’s approval of a Chapter 11 recovery plan that allows the theater chain to satisfy creditors and come out of bankruptcy under new ownership.

Under the reorganization plan approved by U.S. Bankruptcy Judge Allan Gropper in Manhattan, Onex Corp. and Oaktree Capital Management will assume control of New York-based Loews Cineplex. Together, they hold about a third of Loews’ $1.5-billion debt.