Deal Transferring Regal To Anschutz Is Approved
Regal Cinemas, the world's largest theater chain, has received approval from a U.S. bankruptcy judge on a reorganization plan that will shift ownership to a group led by Denver billionaire Philip Anschutz.
The judge approved the deal Friday. It was accepted by 95%
of the circuit's creditors in October and is designed to allow Anschutz and Los Angeles-based Oaktree Capital Management to take control of the chain's 328 theaters (HR 10/15). Anschutz and Oaktree together hold 82% of Regal's bank debt and 93% of its bonds. The debt will be converted to new shares in the company.
"We are extremely pleased that the plan was confirmed today," said Dick Westerling, spokesman for the Knoxville, Tenn.-based chain. "This will enable Regal Cinemas to maintain its premier position in the film exhibition industry."
Once the Regal deal is completed, Anschutz Corp. will own 6,000 screens, or 20% of the U.S. total, after buying controlling interests in United Artists Theatre Circuit and Edwards Theatres Circuit.
The judge approved the deal Friday. It was accepted by 95%
"We are extremely pleased that the plan was confirmed today," said Dick Westerling, spokesman for the Knoxville, Tenn.-based chain. "This will enable Regal Cinemas to maintain its premier position in the film exhibition industry."
Once the Regal deal is completed, Anschutz Corp. will own 6,000 screens, or 20% of the U.S. total, after buying controlling interests in United Artists Theatre Circuit and Edwards Theatres Circuit.
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