Business Services Industry
Kansas City, Mo.-Based AMC Entertainment Enters Bidding for General Cinemas.
Knight Ridder/Tribune Business News, September, 2001
By Jennifer Mann, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Sep. 7--AMC Entertainment Inc. and at least two other parties have submitted bids in hopes of acquiring competitor General Cinemas Inc., which has been operating under bankruptcy protection since last October.
The bids, submitted Wednesday, are not public. AMC declined to give any details.
AMC opened the door for the bidding process on July 11 when it made a surprise $62.5 million offer for the parent company of General Cinemas, GC Cos. Inc., in a bankruptcy hearing in Delaware.
That bid trumped one by Onex Corp. and Oaktree Capital Management LLC by $20 million. After AMC's move, GC Cos. agreed to delay an auction of the company.
The...
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