General Cinema files for bankruptcy protection

Article Abstract:

GC Cos Inc filed on Oct 11, 2000 for reorganization under bankruptcy court protection. As of Aug 31, the company said it had assets of $329 million and liabilities of $195 million. GC, which operates 133 theaters, will close 17 by next week. Gail Edwards, GC's new president and CEO, expects the firm to emerge from bankruptcy protection by April. The company's CEO, Richard Smith, resigned and his son, Robert, also resigned as president and COO. GC is the parent company of General Cinema Theaters.

GC Companies Inc.

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AOL Time Warner enters uncharted territory

Article Abstract:

America Online Inc (AOL) and Time Warner Inc has finally closed its merger on Jan 11, 2001, thus officially establishing the new company, AOL Time Warner. Time Warner shareholders gained 45% ownership of the new entity because each of their shares was worth 1.5 shares of the new company. AOL shareholdres, on the other hand, owned about 55% becasue each of their shares nabbed one share of AOL Time Warner.

Acquisitions & mergers, Broadcasting and Telecommunications, Communications, Time Warner Inc., America Online Inc.

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Carmike files for bankruptcy protection

Article Abstract:

Motion picture theater operator Carmike Cinemas has filed for bankruptcy protection after it failed to honor a $9 million interest payment to bondholders. The problem is indicative of the industry's mistake in constructing too many multi-screen, state-of-the-art megaplex theaters. Companies have invested approximately $1 million per screen and there are now about 37,000 screens in the US.

Carmike Cinemas Inc.

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