Cinemex Holdings USA files bankruptcy, cites coronavirus uncertainty

By Caroline Salls

Pittsburgh, April 27 – Cinemex Holdings USA, Inc., a wholly owned subsidiary of Group Cinemex, SA, filed Chapter 11 bankruptcy Saturday in the U.S. Bankruptcy Court for the Southern District of Florida.

According to a statement made by the company, the filing was made “as a result of the economic crisis precipitated by the coronavirus pandemic.”

“We are in a state of complete uncertainty as to when we can re-open our theaters and when our customers will feel safe and secure in returning to them given that there is presently no vaccine against the virus,” the statement said. “We cannot forecast when – if ever – customer numbers will return to pre-crisis levels.”

According to court documents, Cinemex has $100 million to $500 million in both assets and debt.

The company’s largest unsecured creditors are BBVA Bancomer SA of Mexico City, HSBC Mexico, SA of Mexico City, Scotiabank Inverlat SA of Mexico City, SABCapital, SA de CV of Mexico City and Banco Santander (Mexico), SA of Mexico City, all with a $9 million unsecured loan claim; Entertainment Supply & Technologies LLC of Tampa, Fla., with a $4.47 million goods and/or services claim; VCC, LCC of Little Rock, Ark., with a $3.45 million goods and/or services claim; Twin Shores Management, LLC of Bettendorf, Iowa, with a $2.57 million commercial lease claim; Phoenix Diversified Group, Inc. of Fairfield, N.J., with a $2.52 million commercial lease claim; and Proctor Cos. of Littleton, Colo., with a $1.16 million goods and/or services claim.

Jeffrey P. Bast is serving as Cinemex’s legal counsel for the Chapter 11 proceedings.

Cinemex is a Miami-based cinema chain. The Chapter 11 case number is 20-14696.

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