U.S. court ruling in Cineworld bankruptcy proceedings halts Cineplex case in Ontario
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Hey there, time traveller!
This article was published 28/09/2022 (1147 days ago), so information in it may no longer be current.
TORONTO – Cineplex Inc. says a U.S. court ruling will mean the Ontario Court of Appeal won’t hear a case between the Toronto theatre giant and its once-suitor Cineworld Group PLC as scheduled.
Cineplex says the U.S. court, where U.K.-based Cineworld filed for bankruptcy earlier this month, denied Cineplex’s request to allow a Canadian case between the two companies to proceed as planned in October.
Cineplex says Cineworld and its subsidiaries took the position that the Canadian case was contingent on proceedings before the United States Bankruptcy Court for the Southern District of Texas.
The Canadian case dates back to 2020, when Cineworld walked away from a $2.18-billion deal to buy Cineplex, sparking a court battle over whether Cineworld had the right to get out of the deal.
An Ontario court ruled last year in Cineplex’s favour, awarding the company $1.24 billion in damages, but Cineworld has since appealed the judgment while Cineplex is pushing for an even higher payout.
Cineplex says its case still has merits and it won’t stop pursuing other avenues to recoup the money it feels it is owed.
This report by The Canadian Press was first published Sept. 28, 2022.
Companies in this story: (TSX:CGX)