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Regal Cinemas: Cineworld says may file for Chapter 11 bankruptcy

Regal Cinemas: Cineworld says may file for Chapter 11 bankruptcy


London
CNN Business
 — 

The owner of cineworld-reopening/index.html”Regal Cinemas is having a tough time — its stock crashed as much as 80% Friday after reports that its parent company is preparing to file for bankruptcy.

British company Cineworld Group said in a statement that a “voluntary Chapter 11 filing in the United States” was one of the options it was reviewing in an attempt to reduce its debt burden.

Meanwhile, Cineworld and Regal theaters were open for “business as usual,” it added, and would remain so.

“Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees,” the company said in the statement issued in response to reports last week.

Shares in Cineworld crashed as much as 80% in London on Friday after the Wall Street Journal reported that the world’s second largest movie theater chain had spoken to lawyers at Kirkland & Ellis LLP to advise on the bankruptcy process in the United States and United Kingdom.

The company’s stock fell another 20% Monday. The news also contributed to a plunge of more than 30%

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September 1, 2022 by ATTORNEY

Owner of Regal Cinemas Says Bankruptcy Filing Is Possible

Cineworld, the owner of major movie theater chain Regal Cinemas, is on the cusp of bankruptcy, according to multiple reports.


The London-based parent company confirmed to BBC News that it is considering bankruptcy and is asking attorneys from Kirkland & Ellis LLP and consultants from AlixPartners, for guidance on next steps, according to regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944″ data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”2″The Wall Street Journal.


Cineworld has amassed $4.8 billion in debt, according to WSJ, and it operates more than 751 locations around the world. Its U.S. subsidiary, Regal, currently has 505 theaters in 42 states, along with American Samoa, the District of Columbia, Guam and Saipan as of April, according to the company’s website.




The news comes nearly two years after Regal and other cinemas were forced to temporarily shut down its theaters in October 2020 amid the COVID-19 pandemic.


Cineworld claimed ticket sales have been lower than anticipated and a short supply of blockbuster films this fall is also prompting the move, according to CNN Business, which got a statement from the company that operations would still be “business as usual” for its Regal locations.


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August 31, 2022 by ATTORNEY

Revlon tells bankruptcy judge its shares may be worthless

The committee representing unsecured creditors also asked Jones to reject a shareholder committee.

“Revlon stock trading has all the outward appearances of a so-called ‘meme’ stock,” the committee said in its objection, referring to shares that rise in value only because of Internet chatter, not economic reason.

Revlon shares tumbled as much as 34% to as low as $5.62 Monday before rebounding to around $8.22, leaving them down some 3% on the day. That price is up from as little as $1.17 in June.

Nearly all official committee are appointed by the Office of the U.S. Trustee, an arm of the U.S. Justice Department that acts as a watchdog in corporate bankruptcies. In the Revlon case, the office appointed the unsecured creditor committee, but last month rebuffed the shareholders.

The shareholder group, which says it owns 4.7% of Revlon’s common stock not held by insiders, asked Jones on Aug. 9 to order the U.S.Trustee to appoint a panel. On that day, the shares closed at about $8.

Forcing Revlon to fund lawyers and other advisers for a minority group of shareholders would be a waste of money, the company said in court papers. Official committees have the fees of

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August 28, 2022 by ATTORNEY

Sandy Hook parents seek to stop InfoWars bankruptcy payments to Alex Jones

By Dietrich Knauth

(Reuters) – Parents of children killed in the 2012 Sandy Hook school massacre urged a U.S. bankruptcy judge on Wednesday not to allow the parent company of far-right website InfoWars to send any money to its founder, conspiracy theorist Alex Jones, or his companies until they have an opportunity to get to the bottom of InfoWars’ finances.

As a jury deliberates in Austin, Texas, over how much Jones must pay two parents for his false claims that the deadly shooting was a hoax, families of Sandy Hook victims who have sued Jones for defamation in that trial and others who have sued in Connecticut warned a bankruptcy judge in Houston that Jones might continue to pull assets from InfoWars parent company Free Speech Systems LLC while using its bankruptcy case to avoid paying court judgments in the defamation cases.

Marty Brimmage, an attorney for the Sandy Hook parents, told U.S. Bankruptcy Judge Christopher Lopez in Houston on Wednesday that Jones had told his audience that the bankruptcy would “tie up” any defamation judgment for years.

Judges in the Texas and Connecticut cases have already found Jones liable for defamation. The parents in the Texas trial are seeking

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August 14, 2022 by ATTORNEY

Oracle to Get New Legal Chief as Longtime Leader Daley Exits (1)

Oracle Corp. could soon have a new top lawyer as veteran general counsel Dorian Daley prepares to retire in August.

Daley notified Oracle’s board June 27 of her intention to retire next month, according to a July 1 securities filing. Oracle said Daley will “assist in the transition of her duties until her retirement becomes effective.”

Oracle and Daley didn’t respond to requests for comment about the computer technology and software company’s plans for her successor.

In June, Oracle received regulatory approval for its $28.3 billion acquisition of medical records provider Cerner Corp., while also securing a judge’s ruling nixing class action status for women suing over pay equity claims.

The company, whose chairman and chief technology officer is billionaire Larry Ellison, said in its most recent proxy statement that Daley earned nearly $11.3 million in total compensation during fiscal 2021. She has also sold off approximately $45.6 million in Oracle stock since last year, according to securities filings.

Daley’s annual pay included $875,000 in base salary, a $1 million bonus, and nearly $9.4 million in stock awards. The bonus was “in recognition” of her “significant contributions to Oracle’s legal strategy and success,” the company said in its

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July 14, 2022 by LAW
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