December 03, 2020

The Miami Herald Quotes Glenn Moses on CMX Cinemas' Bankruptcy

1 min

On December 3, 2020, the Miami Herald quoted Glenn Moses on the CMX Cinemas bankruptcy. According to the article, Cinemax Holdings USA Inc.—the parent company of CMX Cinemas, was filing for bankruptcy and would have to close its doors. But after a six-month negotiation with creditors following the company's Chapter 11 bankruptcy filing, CMX Cinemas is back in business. 

In an unusual arrangement, landlords agreed to modify leases paid through revenue-sharing. A portion of every movie ticket, popcorn box, and dine-in meal will go to the landlord.

"All parties needed to strike a balance of dealing with an unprecedented economic climate caused by the pandemic," said Moses. “The landlords and tenants needed to come up with a creative solution to move forward during these challenging times, and they figured out a way to make it work. Most landlords were eager to strike a deal with CMX because the size and space of cinemas are too large to rent out easily, particularly during the pandemic, and are already built out for the single purpose of showing movies.”