“I think it will be worth it, as they usually do, no matter how much it costs. Because we are the supplier, and often we are, ”Lionsgate Vice President Michael Burns said Wednesday of Regal Cinemas Cineworld’s parent Chapter 11 filing.
“Everything seems to go through the same cycle, I almost think of the airline business, where they have these giant launches and investors pile up and then something terrible happens,” he said at a BofA Securities press conference.
According to Cineworld’s filing in the Southern Texas District, Lionsgate Film Inc. has $ 15 million in unsecured credits.
You must submit a list of creditors with the 20 largest unsecured claims in the Chapter 11 case. Here, the group includes Universal with $ 20.4 million; Walt Disney for $ 14 million; Warner Bros. for $ 7.6 million; $ 3.2 million launch of Sony Pictures; and Imax for $ 11 million. (Figures include domestic and international weapons for some.)
Cinionic has an unsecured credit of $ 5.7 million and Christie’s Digital Systems USA has an unsecured credit of $ 3.9 million. Others include contractors, landowners, and banks.
The estimated total number of creditors is between 50,001 and 100,000. The Chapter 11 filing form has pre-filled boxes to check a large probable range. Cineworld also tested estimated liabilities of $ 10-50 billion and estimated assets of $ 1-10 billion. Read the presentation here.
The first hearing is tomorrow at 9:00 ET.
The bankruptcy process “will ultimately be controlled by the debtors,” Burns said, suggesting a possible merger. “I don’t think the Justice Department will allow the AMC-Regal deal, but would it allow the Regal-Cinemark deal with a private equity partner?” It is quite possible. “
Cineworld’s bankruptcy includes $ 1.94 billion in borrower financing to keep things afloat. The company said it will submit its restructuring plan “in due course” and plans to apply for Chapter 11 in the first quarter of 2023. It will implement a “US real estate optimization strategy”, including “engaging in joint discussions with owners. to improve lease terms for US theaters
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Source: Deadline
Ashley Root is an author and celebrity journalist who writes for The Fashion Vibes. With a keen eye for all things celebrity, Ashley is always up-to-date on the latest gossip and trends in the world of entertainment.
