Cineplex responds to Cineworld’s Chapter 11 filing

Chicago, Sept. 7 – Cineplex Inc. responded to Cineworld Group plc’s Chapter 11 filing on Wednesday, according to a press release.

In December 2021, the Ontario Superior Court of Justice awarded Cineplex C$1.24 billion on account of lost synergies and C$5.5 million for transaction costs after Cineworld was found to have breached an arrangement agreement.

Cineworld appealed that decision in January of 2022 and Cineplex filed a cross-appeal later in January.

The hearing for both the appeal and the cross-appeal is scheduled for Oct. 12 and Oct. 13.

It is Cineworld’s position that Cineplex’s claim is initially stayed through the bankruptcy filings.

Cineplex, however, will explore all avenues available to advance its claim against Cineworld, and will actively pursue all available alternatives in the best interests of the Company and its stakeholders.

Moelis & Co. LLC is Cineplex’s financial adviser and Goodmans LLP is working as lead counsel.

Cineplex is a Toronto-based entertainment and media company.

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