Moss agreed that the amended terms were narrowly circumscribed, noting that AMC is only seeking to take over theaters where it is on the hook because New Vision has defaulted. “Because the proposed modifications allow AMC to reacquire only certain theatres that otherwise would likely exit the market, the proposed modifications will not adversely impact competition.” “Absent such modification, many of the divested theatres might remain shuttered permanently,” the motion states. In the motion, AMC argued that allowing it to take over those theaters would increase the likelihood that they can remain in business, which it argues would be in the public’s interest. Now that New Vision is liquidating, seven of the 10 landlords have either sued AMC or indicated they will seek recovery from AMC for unpaid rent. On July 6, the firm filed a notice with the Muscogee County, Ga., recorder’s office that it would liquidate.ĪMC filed a motion in the federal antitrust case on Thursday, asking for permission to reacquire 10 of the theaters provided that the DOJ also approves.Īccording to the motion, AMC remains financially liable to the landlords of those theaters, and is looking to mitigate the damage.Īt the time of the divestiture in 2017, the landlords either refused to release AMC from its lease obligations, or required AMC to guarantee payment in the event that New Vision defaulted. The cinemas were acquired by New Vision Theatres, a firm that launched in 2017 with the backing of Beekman Investment Partners, a private equity firm.īut New Vision, like every other cinema operator, was forced to shutter its theaters in the spring due to the pandemic.
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