Cineworld plans to file its reorganization plan by Oct. 31, an attorney for the giant chain said today at a hearing. It also won’t be forced to state its case in a Canadian appeals court next month for reneging on a merger agreement with Cineplex . Judge Marvin Isgur of the Southern District of Texas, who is leading bankruptcy proceedings for the U.K.-based exhibitor, declined a motion by Cineplex to move forward with the hearing in an Ontario appeals court. Cineplex won a $1.29 billion Candadian dollars (about $1B US) judgement against Cineworld for the latter’s pulling out of their 2019 merger deal. Cineworld had agreed to buy Cineplex for about $3 billion. Cineworld appealed and arguments were set for Oct. 12 and 13. Cineworld’s Sept. 7 bankruptcy filing , with just $4 million of cash on hand and $5 billion in debt, resulted in a stay on most proceedings with the company focused on financing, keeping its business running and putting together the plan for its … [Read more...] about Cineworld Sets Timing Of Bankruptcy Reorganization Plan; Cineplex Denied Hearing Over Scuttled Merger But May Be Eyeing Regal
Giant theater chain AMC Entertainment filed today to sell up to 425 million AMC Preferred Equity Units, or APEs, its new securities that have seen a price collapse amid a sour market and investor backlash. They sank some more early Monday, then popped higher. AMC distributed the initial batch of APE shares to stockholders in August and they trade on the NYSE. Each APE unit has the same economic and voting rights as one share of common stock. CEO Adam Aron characterized the distribution as a gift but AMC’s large base of retail shareholders disagreed. This vocal group had previously derailed AMC’s plans to issue new common stock, preventing the company from raising cash to help pay down its hefty debt of about $5.4 billion. So the APEs were a workaround; a new currency AMC can sell to raise fresh funds without shareholder approval. “It was a nice way to get around their investors, who weren’t going to let them issue more shares to raise more cash. But investors … [Read more...] about AMC Entertainment Files To Sell Up To 425 Million APE Shares To Pay Down Debt
" Meet the Parents " star Teri Polo has royally Focked herself -- at least in the money department -- because TMZ has learned ... she just went belly up. Teri filed for Chapter 11 bankruptcy last week, claiming she's buried in nearly a million dollars of debt -- most of which she owes to the IRS. Teri claims she owes roughly $772,000 in back taxes and more than $36,000 in credit card debt. She also says her landlord's going after her for $30,000 after she allegedly left an old apartment covered in dog crap and urine. Bankruptcy ... you can't milk a cat, but you can milk the system. Gallery Launch Gallery … [Read more...] about Teri Polo Bankrupt — ‘Meet the Parents’ Star Meets the Bankruptcy
Oksana Grigorieva isn't getting her massive debts excused that easily ... the person overseeing her bankruptcy case is scoffing at her expenses ... especially items like $90 a month for gopher patrol. Oksana is asking the bankruptcy judge to cut her a massive break with a $438,000 hole she dug for herself with various creditors. Her justification for getting a pass -- she has lots of necessary monthly expenses. But the bankruptcy trustee begs to differ, saying some of the items are downright frivolous, including: -- $2,000 a month in home maintenance And the trustee notes something suspicious ... just before filing for bankruptcy, Oksana ran up her credit card bill from zero to more than $51,000. Mel ... she's someone else's problem now. … [Read more...] about Oksana Grigorieva In Bankruptcy Court — Expenses Challenged … Gopher Patrol?
Lenny Dykstra was just formally charged with multiple felonies, including possession of cocaine and Ecstasy ... which were found in his home when LAPD officers arrested him. The L.A. County District Attorney is accusing Dykstra of committing 23 felonies and 2 misdemeanors. As TMZ first reported the alleged crimes include auto theft, identity theft, filing false financial statements ... and possession of controlled substances. The D.A. says police found coke, Ecstasy, as well as Somatropin -- a synthetic human growth hormone -- in the former major leaguer's home while executing a search warrant on April 14. Law enforcement sources tell us it was a small amount of coke and Ecstasy for "personal use" ... not distribution. Dykstra's accountant and a friend were also charged -- and all three are scheduled to be arraigned later today. The D.A. will ask that bail be set at $500,000 for each party. If found guilty of all charges ... Dykstra faces … [Read more...] about Dykstra Charged — Cocaine, Ecstasy and HGH Found
Last Thursday, a stone’s throw from the former headquarters of Larry Flynt’s Hustler empire, a trove of thirsty teenage influencers, A-listers such as Dustin Hoffman and rock stars including Muse’s Matt Bellamy were queueing up to walk the red carpet at a movie premiere. This wasn’t, however, the latest Marvel launch or an Oscar-bait opening. It was the re-release of a 13-year-old music documentary about a previously relatively unknown heavy metal band from Canada. Anvil !: The Story of Anvil, a tale of hope and heavy metal, has been having quite the encore. The film, directed by Sacha Gervasi , has been re-released by Utopia for a new generation of kids that seem willing to get in the pit for its heartwarming message: never give up. ‘Railway Children,’ Anvil, Abigail Disney & ‘The Greatest Beer Run Ever’ – Specialty Preview “It’s chaotic magic,” Gervasi tells Deadline the morning after the LA premiere that included a live performance from the band. … [Read more...] about With ‘Anvil!: The Story Of Anvil’ Re-Release, Band & Director Sacha Gervasi Enjoy Encore
MC Hammer says the IRS is shamefully out to get him ... belatedly demanding penalties on taxes he fully paid 7 years ago. Hammer famously went belly up in 1996 -- declaring bankruptcy and in the process losing everything, including his master recordings and most worldly possession. Hammer got out from under his debt by anteing up more than $7 mil in 2007, and that amount included more than $1.4 million to the IRS. Now -- 7 years later -- hammer says Uncle Sam has just demanded another $1.4 mil -- this time for penalties and interest on the delinquent 1996 taxes. Hammer thinks it's a travesty, and has filed legal docs asking a judge to block the IRS from collecting because of basic principles of fairness. Gallery Launch Gallery … [Read more...] about MC Hammer — The IRS Is Too Illegit To Quit
Ailing exhibition giant Cineworld Group, which is currently finalizing a reorganization plan having filed for Chapter 11 bankruptcy in the U.S. earlier this month, has released encouraging interim results for the six months to June 30, 2022. Overall revenue rose to $1.5b against $292.8m in the same period in 2021, for an adjusted EBITDA of $364.2m (against -$21.1m in 2021) and an operating profit of $57.3m, against an operating loss of $208.9m in the same period last year. The company’s debt position worsened, however, standing at $5,2b on June 30, against $5.03b on December 30, 2021. The exhibitor, which operates 747 sites and 9,139 screens in 10 territories worldwide, led by the U.S. and the U.K., said admissions had started to recover over the period as final Covid-19 restrictions were lifted but warned it did not expect the box office to return to pre-pandemic levels in 2023 and 2024. Detailing admissions, it said that after a slow start in Q1 due to a lack of … [Read more...] about Cineworld Posts Interim 2022 Results, Forecasts Box Office To Remain Below Pre-Pandemic Levels Until 2025