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Anschutz Proceeds with Edward Theatres Bailout

DENVER-The Anschutz Corp. is taking a significant stake in the reorganizing California-based Edwards Theatres. It's an undisputed fact in the industry that Anschutz on a fast track and taking control of more theaters than anyone else in the nation.

By John Rebchook | Updated on February 16, 2001

DENVER-As expected, the Denver-based Anschutz Corp. plans to bail out the California-based bankrupt Edward Theatres Circuit Inc.

Denver billionaire Philip Anschutz, the sixth-richest person in the country, heads the Anschutz Corp. Anschutz quickly is taking control of more movie theaters than anyone else in the country.

The Anschutz Corp. and a fund managed by Oaktree Capital Management LLC will make a significant investment in the recapitalization of the Edwards chain. Oaktree had joined Anschutz in an earlier deal to buy about $345 million in debt from the Regal Theatre chain, the largest in the nation. Anschutz also has taken control of Denver-based United Artists Corp., the sixth-largest movie theater chain.

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