Many of the theaters are located in shopping centers, whichmeans owners of the affected developments must now hope to get paidas the bankruptcy proceedings progress. But their chances ofcollecting payment may be hurt by several factors, including aprovision in the bankruptcy law that generally permits a debtor toreject leases it has signed and pay only a fraction of what is owedon the remainder of the rental agreements.
When the Newport Beach-based firm filed in U.S. Bankruptcy Courtin Santa Ana earlier in the week, it said it ended 1999 with a netloss of $40 million on revenue of $299 million.
Two of the six OC complexes--the Lido in Newport Beach and theWoodbridge 5 in Irvine—are still operating. A third is part of aplanned expansion into the Huntington Beach Mall, which Edwards nowwants to cancel.
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