Regal Wins Approval of Chapter 11 Plan
Regal Cinemas Inc. won a judge’s approval of a bankruptcy recovery plan that clears the way for a takeover of the biggest movie theater chain by investors led by Denver billionaire Philip Anschutz.
The plan lets a group led by Anschutz Corp. and Los Angeles-based Oaktree Capital Management take control of the owner of 338 theaters with 3,898 screens.
Anschutz and Oaktree together hold 82% of Regal’s bank debt and 93% of its bonds.
Their stakes in Regal’s debt will be converted to new shares in the closely held company.
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