General Cinemas, the ailing movie chain that filed for Chapter 11 bankruptcy protection last year, has received a proposal from investment firms Onex Corp. and Oaktree Capital Management to restructure the organization, according to the Hollywood Reporter. The General Cinemas deal includes a $36 million cash buyout and should receive court approval by this fall. Oaktree is currently an investor in Regal Cinemas–the nation’s largest movie chain–and Edwards Cinemas. Onex and Oaktree are also partnering in an attempt to buy out Loews Cineplex. General Cinemas currently comprises 837 movie screens across the country.
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