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Popular Movie Chain Files Bankruptcy

Regal Theaters Trying To Compete More Effectively

Posted: 11:31 a.m. EDT September 6, 2001

KNOXVILLE, Tenn. -- Regal Cinemas, the world's largest movie theater chain, is filing for bankruptcy protection.

Regal's Chairman and CEO says the filing should help the company to restructure the company's debt and compete more effectively.

Reports indicate the plan will pave the way to shift ownership of the privately-held company to a group led by Denver billionaire Philip Anschutz.

Anschutz, the largest owner of United Artists Theater Corportion, teamed with investment fund partner Oaktree Capital Management, already own up to $750 million of Regal's debt, making them Regal's major creditors.

There's no immediate word on layoffs or theater closings under the reorganization.

The chain closed 98 theaters with 646 screens this year but still remains tops in North America with nearly 3,900 screens in more than 300 locations.

-- Anonymous, September 06, 2001