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Topic: Cinema Star Chapter 11

William Dickson
Film Handler

Posts: 41
From: Riverside, Ca. USA
Registered: Jan 2000

posted 01-07-2001 11:51 AM

Just FYI for people discussing Cinema Star closing University Village and trashing the place. On Friday Jan.5, the Riverside CA Press Enterprise business section had an article that Cinema Star had filed chapter 11 which would mean that if they lose the court case against their landlords they might not have to pay the full settlement. Makes me wonder if they knew they were filing when they ransacked their closed location. Would help it explain their actions (though still immature).

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Adam Martin
I'm not even gonna point out the irony.

Posts: 3686
From: Dallas, TX
Registered: Nov 2000

posted 01-07-2001 03:31 PM

Here's a blurb I got in my email Friday night.

*** CinemaStar Luxury Theaters files for bankrupcty

CINEMASTAR LUXURY THEATRES INC. announced on Friday that it filed a voluntary petition to reorganize its business under Chapter 11 of the U.S. Bankruptcy Code. The company said it has been negatively impacted by the recent overbuilding in the theater industry and the resulting intense competition for movie patrons. CinemaStart said it determined that bankruptcy reorganization is the most efficient means for the company to restructure or terminate uneconomical
theater leases, and to position the company for success in the movie exhibition industry. The company said it plans to continue operations at a majority of its theaters as it completes the reorganization process. (Reuters 04:55 PM ET 01/05/2001)

Full article at: http://www.infobeat.com/fullArticle?article=-1741794047

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