The Anchorage IMAX movie theater previously slated for closure in bankruptcy proceedings is still up and running, two weeks past the date its parent company had initially proposed for abandoning its lease.
Regal Theaters operates the Regal Cinema Stadium 16 at the Tikahtnu Commons shopping center in Northeast Anchorage. It opened in 2010, boasting the state’s first IMAX screen.
News of its potential closure hit this winter. Regal’s parent company, Cineworld Group, began Chapter 11 bankruptcy proceedings in September.
In January, the company asked its creditors and a federal judge to let the chain break leases and close up shop at dozens of its theaters around the country on Feb. 15, including the one at Tikahtnu Commons.
But when the 15th came, an attorney for Cineworld said in a court filing that they were still negotiating with most of the landlords. Cineworld proposed and the judge approved a shorter list of theaters to abandon, sparing the Anchorage theater — at least for now.
The Chapter 11 bankruptcy process lets a company continue operating while it works out a plan with creditors and the court to restructure, become profitable and resolve debts.
Neither Regal nor its landlord at the shopping center responded to requests for comment.