Six Regal Cinemas theaters in the Southland, and more across the country, will be shut down as the chain's parent company proceeds with its bankruptcy process
According to its latest filing, the firm is seeking an order authorizing it to reject unexpired real estate leases as well as “abandon certain equipment, fixtures, furniture, or other personal property” located therein.The company said it had secured $1.94 billion in new financing to continue running while it reorganized under Chapter 11 of the bankruptcy code.
Cineworld’s American theaters are “a significant contributing factor to their current financial challenges,” the company wrote in its Tuesday filing. “Primarily due to the impact of deferred rent payments, the Debtors estimate that the average monthly rent obligations per theater increased by almost 30% year-to-date July 2022 compared to full-year 2019.”
This isn’t Regal’s first rodeo. Following a period of overdevelopment in the ‘90s, the chain declared bankruptcy in 2001, only to
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