US-based luxury theatre-and-restaurant destinations operator IPIC Entertainment has voluntarily filed for Chapter 11 Bankruptcy and will pursue sale or reorganisation.

The company has started the proceedings under the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware to facilitate its plan. The company aims to emerge out with a healthy balance sheet and a new capital structure.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company is currently in talks with numerous parties to complete a comprehensive financial restructuring.

According to IPIC, financial restructuring will further allow it to enhance its theatres and dining experiences, as well as continue with its expansion plans.

IPIC Entertainment founder and CEO Hamid Hashemi said: “To ensure an exciting future for IPIC for the benefit of our guests, members, employees and other partners, we have hired top consultants and advisers to find a partner who shares our vision.

“Our brand is thriving and leads the industry in popularity but our balance sheet needs to course correct. Our theatres will remain open during this transition, our employees are being paid, as are our vendors and suppliers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In addition, IPIC Entertainment’s current management will continue with the company and work collaboratively with its restructuring advisers.

The restaurant chain has also received a commitment for a debtor-in-possession (DIP) financing from Retirement System of Alabama to support its operations. IPIC expects to conclude the restructuring process in 90 to 120 days.

Pachulski Stang Ziehl & Jones is serving as legal counsel, Aurora Management Partners as financial adviser, and PJ Solomon as investment banker to IPIC.