Search
 

Court Approves Theatre Chain's Chapter 11 Reorganization Plan

DENVER-A Delaware bankruptcy judge pondered less than 15 minutes yesterday before stamping reorganization papers for United Artists. No objections had been lodged, but there remains a 10-day filing period for complaints before the plan goes into effect.

By John Rebchook | Updated on January 22, 2001

DENVER-A Delaware bankruptcy judge has approved the Chapter 11 reorganization of Arapahoe County-based United Artists Theatre Corp., the nation’s sixth-largest movie theater chain.

The reorganization allows Denver billionaire Philip Anschutz to seize control of the chain. Anschutz, with a California partner, also has purchased about $350 million of the Knoxville, TN-based Regal Cinemas, making him the largest owner of Regal’s debt. Regal, unlike UA, is not in bankruptcy. If Anschutz wrests control of Regal, the nation’s largest theater chain, Anschutz could force a merger with UA and create a chain nearly double the size of its closest competitor.

The Delaware bankruptcy hearing yesterday lasted a brief 15 minutes, minus the usual objections lodged at such proceedings. With the judge’s ruling, UA become the first movie theater company in the country to emerge from bankruptcy. There is a 10-day period in which objections can still be filed plus the company needs time to finalize all paperwork related to the bankruptcy reorganization plan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.