Carmike heads for Ch. 11

Circuit not likely to be picked up by rivals

HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday.

Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators.

Entertainment entrepreneur Philip Anschutz has snapped up United Artists Theatres, is closing in on majority control of Edwards Theatres and has been angling for Regal Cinemas. Yet, Anschutz has not been able to make a run on Carmike.

A source close to the 2,200-screen circuit suggests that’s largely because Carmike’s balance sheet is in better shape than those of other big circuits seeking court-sponsored debt relief.

Carmike, like the rest of a dozen big exhibs filing for Chapter 11 reorgs in the past two years, has been hit with a cash crunch caused by heavy debt and cutthroat competish. Both the debt and competish are hangovers from a recent industrywide megaplex building binge.

Carmike was founded in 1982 by current topper Michael Patrick’s father, Carl Patrick. The circuit covers 35 U.S. states.

If its restructuring plan is quickly approved by U.S. Bankruptcy Court, Carmike could emerge from reorg proceedings within a couple of months.

More Scene

  • Kevin Durant Lindsey Vonn

    Kevin Durant, Lindsey Vonn to Keynote Variety's Sports & Entertainment Breakfast

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Cher and Meryl Streep'Mamma Mia! Here

    How the Cast of 'Mamma Mia! Here We Go Again' Geeked Out Around Cher

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Demi MooreComedy Central's Roast of Bruce

    Demi Moore Appears as Surprise Guest at Bruce Willis' Comedy Central Roast

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Outfest Filmmakers Get Political, Issue Call

    Outfest Filmmakers Get Political, Issue Call to Action on Opening Night

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Bob Woodruff Foundation Acquires Veterans Org

    Bob Woodruff Foundation Acquires Veterans Org Got Your 6

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Tiffany HaddishTiffany Haddish at the Hollywood

    Tiffany Haddish on Future Career Plans, Taking Advice From Tyler Perry, Melissa McCarthy

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

  • Vince Gilligan Carolyn Strauss Paley Center

    'Breaking Bad' Creator Vince Gilligan Suggests 'Maybe It's Time for Heroes Again' on TV

    HOLLYWOOD — Carmike Cinemas will likely file a long-awaited bankruptcy reorganization plan on Friday. Few details of the planned restructuring have come to light. But unlike in other recent restructurings, it’s not expected that the Columbus, Ga.-based circuit will fall into the hands of any of the exhib industry’s current consolidators. Entertainment entrepreneur Philip Anschutz […]

More From Our Brands

Access exclusive content