Although financial terms of the deal have not been disclosed, an Edwards' spokesperson says that The Anschutz Corp. and OCM Principal Opportunities Fund II LP, a private equity fund managed by Oaktree Capital Management LLC, will provide "a significant investment in the recapitalization of the Edwards chain."
The recapitalization, along with other restructuring initiatives recently completed by Edwards Theatres, will allow the Newport Beach-based company to emerge from bankruptcy, according to Edwards' president Stephen Coffey.
The Anschutz Co., which is headed by Denver billionaire Philip Anschutz, has taken control of several theater chains over the past year. In an earlier deal, Anschutz had bought around $300 million in debt from the Regal Theater Chain, the largest in the nation. The company has also taken control of Denver-based United Artists Corp., acquiring it out of bankruptcy.
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