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Edwards Theatres Wins Bankruptcy Round

ORANGE COUNTY, CA-A judge allows theater chain to continue spending proceeds from inventory sales. The money originally was pledged as collateral for bank loans.

By David W. Myers | Updated on September 08, 2000

ORANGE COUNTY, CA-A bankruptcy judge has granted Edwards Theatres Circuit Inc.’s request for permission to continue selling its inventory and spending the proceeds—money that it had earlier pledged as collateral for some of its bank loans.

The Newport Beach theater chain filed for Chapter 11 bankruptcy protection last month, saying it had lost $40 million last year on $299 million in revenue. The filing has tossed many of the leases it holds at commercial real estate developments across Southern California into uncertainty, worrying many landlords that they might not get the rent that they’re owed.

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