VIP Cinema granted court approval of $5.18 million asset sale

By Caroline Salls

Pittsburgh, July 9 – VIP Cinema Holdings, Inc. obtained court approval of the $5.18 million sale of its assets to JESS Capital Holdings, LLC, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

VIP said it began seeking buyers for its remaining assets in April after it determined that it was no longer feasible to operate as a going concern or seek confirmation of a Chapter 11 plan.

The company said it has ceased the majority of its operations and is winding down its businesses.

According to the sale motion, JESS Capital’s offer preserves the possibility of a restart of the business, and the buyer is controlled or managed by some former VIP Cinema owners.

VIP Cinema is a New Albany, Miss.-based cinema seating company. The company filed bankruptcy on Feb. 18 under Chapter 11 case number 20-10345.

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