Hm, not seeing anything for New Image Theaters which seems to be a cleaning service in CA. CMX is doing a chapter 11 which is just a reorganization. They also own Cobb Theaters and Cinebistro.
CMX Files Chapter 11 Amid Theater Shutdowns
The bankruptcy filing came shortly before a hearing in a suit seeking a court order that would compel CMX to close its acquisition of Star Cinema Grill.
April 28, 2020
CMX Cinemas, the eighth-largest U.S. movie theater operator, has filed Chapter 11 bankruptcy only a month after it called off its proposed acquisition of Texas chain Star Cinema Grill.
CMX cited the economic crisis precipitated by the coronavirus pandemic that has shuttered theaters throughout the U.S.
“We are in a state of complete uncertainty as to when we can re-open our theaters and when our customers will feel safe and secure in returning to them given that there is presently no vaccine against the virus,” the U.S. subsidiary of Mexico’s Cinemex said in a statement. “We cannot forecast when — if ever — customer numbers will return to pre-crisis levels.”
The acquisition of SCG, which operates dine-in theaters, would have made CMX the seventh-largest U.S. theater chain. In terminating the deal, CMX said on March 26 that “in light of COVID-19 related fallout” it was not required to close the transaction.
The Chapter 11 filing came shortly before a hearing in SCG’s lawsuit seeking a court order that would compel CMX to close the deal. CMX has asked the bankruptcy court to impose an automatic stay on those proceedings.
“In a Chapter 11 it is hard to see how CMX could be compelled to go through with the SCG acquisition,” Celluloid Junkie noted.
Since entering the U.S. market in 2017, CMX has built a chain with more than 3,000 screens in 104 U.S. cities. In announcing the deal on March 16, it said the SCG acquisition was a “perfect fit” and would bolster its “robust expansion plans in the U.S.”
SCG filed its suit April 2, alleging CMX was using the coronavirus crisis as a pretext for backing out of the deal.
“Far from being unforeseen, the potential impact of the coronavirus was a significant factor discussed by the parties during their negotiation of the agreement,” the suit said. “There is no doubt that Cinemex entered into the agreement with its eyes wide open to the pandemic and its potential effects.”
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www.cfo.com]
Owner of CMX Cinemas Files for Bankruptcy Protection
Miami-based movie theater chain hurt by coronavirus pandemic says it needs concessions from studios and landlords
By Becky Yerak
April 26, 2020 7:02 pm ET
The owner of theater chain CMX Cinemas has filed for bankruptcy protection, saying it needs breathing room from movie studios and landlords because of the economic crisis triggered by the coronavirus pandemic.
Cinemex Holdings USA Inc, which has 41 CMX Cinemas locations in 12 states, filed for chapter 11 bankruptcy protection Saturday in US Bankruptcy Court in Miami, where it is based.
[
www.wsj.com]
Owner of CMX Cinemas files for bankruptcy, hopes to get help from landlords
The company has a luxury dine-in theater at Brickell City Centre
TRD MIAMI / April 27, 2020 03:30 PM
The owner of the movie theater chain CMX Cinemas filed for bankruptcy due to the financial impacts of coronavirus.
Miami-based Cinemex Holdings USA filed for Chapter 11 bankruptcy on Saturday in Miami. The company is owned by Mexico-based Grupo Cinemex SA de CV, which controls CMX Cinemas with 41 locations in the Midwest, Northeast and the South, including one at Brickell City Centre in Miami, according to its website. It also acquired Cobb Theatres in 2017, and has locations at CinéBistro at Dolphin Mall and CityPlace Doral.
It has one location on Manhattan’s Upper East Side and three locations in the Chicago area.
By filing for bankruptcy, the company hopes to gain concessions from landlords and movie studios, according to the Wall Street Journal.
The Brickell City Centre CMX theater is an anchor for the shopping center developed by Swire Properties. CMX opened the theater in 2017 and spent more than $15 million building out its Brickell location, Jaime Rionda, executive vice president of development, previously told The Real Deal.
Cinemex attempted to buy the Boca Raton-based luxury theater iPic last year after it declared bankruptcy, but was ultimately unsuccessful, according to The Wall Street Journal.
Cinemex also agreed to buy Houston-based Star Cinema Grill in March, but Cinemex allegedly backed out of the deal, according to a lawsuit filed by Star Cinema Grill in Texas. Cinemex said it was able to back out of buying theaters due to coronavirus.
CMX Cinemas had planned to open new locations at Wrigleyville in Chicago; American Dream Mall in East Rutherford, New Jersey; and Coastland Center in Naples, Florida this year, according to its website.
Cinemex Holdings USA has $100 million to $500 million in both assets and liabilities, according to the bankruptcy filing. Its largest unsecured creditors are four banks: BBVA Bancomer, Scotia Bank, HSBC Mexico, and SABCapital, the bankruptcy filing showed.
The company’s real estate affiliate Cinemex USA Real Estate Holdings Inc. also filed for bankruptcy.
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therealdeal.com]