Cinemex Holdings USA, owner of the CMX Cinemas movie theaters, declared bankruptcy for the second time in five years.
The Cinemex chain business in the United States announced on Monday a judicial process under subchapter V before the United States Bankruptcy Court for the Southern District of Florida.
With this process, it will seek to reduce its obligations, strengthen its general balance and restructure their business, in order to protect its employees and have a more solid and viable financial position in the long term to continue attending its clients in the United States, according to a statement.
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The company plans to present a reorganization plan before the Court and meet the necessary requirements to leave subchapter V during the first part of the third quarter of 2025.
He added that as part of the restructuring process, he intends to evaluate his lease portfolio and have conversations with the landlords to improve the conditions of the leases and better position CMX Cinemas for long -term growth.
He said that current management and board of directors will maintain business control, and hoped that CMX operations will continue without interruption.
“During the restructuring process, CMX hopes to operate your business and your cinemas without interruption. Together with the presentation of the documentation in accordance with subchapter V, CMX has submitted the usual applications of ‘first day’ to obtain the judicial authorization necessary to continue fulfilling the commitments with its commercial partners and operate in the normal course of its operations, without interrupting its customers, suppliers or employees, as far as possible.
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He pointed out that CMX Cinemas intends to pay all suppliers and sellers in their entirety and under the usual conditions the amounts owed by goods and services received during the subchapter V process.
In addition, he hopes that his employees continue to receive their habitual salaries and benefits without interruption.
He said he hopes that CMX available cash reserves, together with the cash generated by operations, provide sufficient liquidity to comply with the current obligations, including subsequent payments to the application to suppliers and vendors, as well as salaries, salaries and work benefits.
“CMX continues to receive its customers in their cinemas as always, and this will not change during the subchapter V. CMX process hopes to continue respecting the conditions of all existing membership programs, including CMX Rewards and CMX Passport,” he said.
In a report this Wednesday, Bloomberg News recalled that in April he informed that Cinemex Holdings USA had considered the possibility of selling assets or closing some of its 28 stores, which include movie theaters with table service and IMAX cinemas.
The news agency recalled that when the company was accepted to Chapter 11 of the EU bankruptcy law at the beginning of the pandemic, it had a debt of more than 100 million dollars.
The Matrix of CMX Cinemas is Grupo Cinemex, one of the largest film chains in Mexico, which entered the US market in 2016. The Mexican firm underwent its own restructuring in 2021.
CMX Cinemas is one of the largest cinemas in the United States, with 28 stores, 311 screens and around 1,400 employees, according to institutional information.
Bloomberg added that it is the most recent request of a long list of cinema room closures and debt restructuring after streaming boom and confinements by COVID-19, which transformed the way people watch movies.
Cineworld, owner of Regal, declared bankruptcy in the United States in 2022.
His rival, AMC Entertainment Holdings, managed to avoid bankruptcy, underwent a debt restructuring last year and reached an agreement with its creditors to put an end to the dispute on Tuesday.
The news agency indicated that the box office in the US is maintained below the top prior to the pandemic.
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