Date: 6th September 2000

"An Entire Industry Is Going Bankrupt"

United Artists Theater Co. has become the latest movie theater chain to seek Chapter 11 protection from creditors. While the chain has not been involved in the kind of massive construction programs that have all but brought down its rivals, UA's CEO Kurt Hall blamed the company's problems on its having to compete with the "unprecedented ... over-screening" of those exhibitors. Within the past two months Edwards Cinemas and Carmike Cinemas filed for bankruptcy protection and Loews Cineplex warned that it might default on its interest payments. In an interview with Daily Variety, entertainment analyst Barry Hyman remarked, "This is a unique situation where an entire industry is going bankrupt."

Source: Studio Briefing