Regal Cinemas bank debt reportedly traded in the 102-104 range last week on news of the company filing for bankruptcy. While two dealers confirmed levels in that range, one said they were actually higher. However, he declined to give an exact level. The company filed in mid-October as part of a prepackaged restructuring program under which investor Philip Anschutz will take control of the company. Calls to Dick Westerling, head of investor relations, were not returned. The cinema chain is based in Knoxville, Tenn.
Last spring Regal's debt was trading around 93 on buzz surrounding Anschutz' interest in the company and consolidation of cineplexes (LMW, 5/27).