Luxury Cinema Chain iPic Files for Chapter 11 Bankruptcy, Eyes Sale or Reorganization
The company initiated bankruptcy court proceedings, saying it would"seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure."
The company submitted a court filing in the District of Delaware to initiate proceedings under the Chapter 11 bankruptcy code, saying it would "seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure." iPic said it owed approximately $205 million “in unpaid principal under the pre-petition loan agreement, plus interest and fees” and owed “various vendors, suppliers, and other unsecured trade creditors between approximately $13 million to $15 million.”
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