You will be redirected back to your article in seconds

No. 49: Loews Cineplex

New York

Revenue: $903.5 million

Loss: $436.2 million

Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them.

But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and Los Angeles buyout firm Oaktree Capital has offered to buy the New York-based circuit for about $100 million in new capital plus some debt assumption totaling $750 million.

But the group has yet to nail down definitive terms of its offer, and some creditors have made it clear they want to find another way of reorganizing the company. Many believe the company ultimately may go to another bidder, though Onex topper Gerald Schwartz vows to see through its proposal.

“We are excited about the opportunity,” Schwartz has said.

Loews, which operates some 2,500 screens in the U.S. and Canada, plans to close up to 25% of its properties to stanch rampant red ink. Its bankruptcy reorganization filing, like 10 others affecting an assortment of U.S. screen circuits, was prompted by an industrywide building binge that left Loews and others with big debt loads even as heightened competish cut into revenue.

More Biz

  • Jean-Michel Jarre

    CISAC Reports Global Royalty Collections Hit Record $10 Billion

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

  • John Lasseter Pixar

    John Lasseter Takes Leave of Absence From Disney/Pixar, Apologizes for Unwanted Hugs

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

  • at&t time warner merger

    AT&T-Time Warner Merger: Does the DOJ Have a Case?

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

  • Al Franken

    Former Female 'Saturday Night Live' Staffers Issue Statement of Support for Al Franken

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

  • Harvey Weinstein

    Female-Led Investor Groups Target Weinstein Co. Acquisition

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

  • Randall Stephenson

    AT&T Begins PR Battle Against Justice Department From CNN News Room

    New York Revenue: $903.5 million Loss: $436.2 million Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them. But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and […]

More From Our Brands

Access exclusive content