You’ve probably seen, read or heard various news accounts about Dickinson Theatres difficulties these past couple days….
Some were correct or partially right, unfortunately many were based on hearsay, speculation and downright false information.
So earlier this afternoon I sat down with Ron Horton, Dickinson’s president and CEO to set things straight. Horton purchased the Kansas City owned theater circuit earlier this year.
Jack: Your filing for bankruptcy protection is proceeding under Chapter 11 of the bankruptcy law, correct?
Horton: That’s correct. We’ve filed for reorganization of the company and plan to be in the theater business for many years to come.
Jack: How does the reorganization process work?
Horton: We’ll be re-evaluating all of our contracts and leases currently in place and make appropriate business decisions for the good of the company.
Jack: Uh, go on.
Horton: We’ll be closing some under performing theaters and ultimately evolve into a stronger and more profitable company.
Jack: Will any of your six theater complexes in Greater Kansas City be involved in the closings?
Horton: Only one. The Blue Springs 8 complex will discontinue to operate as a Dickinson theater in the near future.
Jack: How about the Palazzo, Northglen, Westglen, Eastglen and Great Mall theaters?
Horton: No changes whatsoever. They will all continue to operate in the normal fashion as first run Dickinson theaters.
Jack: How might your guests at these theaters be affected by the filing?
Horton: They won’t be. We have all the major Hollywood studios, as well as the independents, behind us. Same goes for the concession suppliers and all critical vendors to our theater operations. The bottom line is it’s business as usual.
Jack: How is your conversion process from film to digital projection going?
Horton: It’s almost 99% complete. We’ve converted nearly all the complexes throughout our circuit and are planning for the final conversion of a Texas theater in the very near future.
Jack: What’s your outlook for the Dickinson circuit and the movie industry in general?
Horton: We’re very positive in terms of the company, the industry and theatrical exhibition in general. The upcoming holiday season with its final chapter in the Twilight saga, a new James Bond action adventure and the new epic telling of Peter Jackson’s Hobbit journey, should deliver well for our theaters. And looking ahead even further, the 2013 summer movie season looks as exciting as we’ve seen in years.
Can’t blame the current owners for trying to reorganize bad leases. Question is why were they so poorly negotiated in the first place?
WAIT ONE MINUTE.
This guy buys this theatre chain “earlier this year” and now a couple months
later declares bankruptcy.
Well I smell something fishy. Only a few months to bankruptcy and I’m
sure someone gonnas take a huge financial hit with this bk.
Who’s gonna take a big loss here…i ‘d be interested to see who takes the
loss while this dude reconfigures his new company and renegotaites
the old leases.
Something doesn’t seem right here jackie…please tell us who is going to
lose big money…and why this sounds so unusual that a few short months
after buying the company it goes belly up.
give us more information…
thanks…
A chapter 11 bankruptcy is a reorganization — they’re not going “belly up”. The reorganization plan calls for paying all of Dickinson’s creditors in full in five years.
If Dickinson’s can stick to the reorg plan, then none of the creditors will lose “big money”.
most times it doesn’t work that way….the creidtors lose
money….
seems fishy…are we sure this isn’t one of bain capital
and romneys business deal?
In a Chapter 11, the debtor has to develop a reorganization plan — which all of the creditors vote on to approve. Only when the plan is approved does the debtor move forward.
You’re apparently confusing Chapter 11 with Chapter 7 bankruptcies.
Dickinson’s is not a Bain Capital company — AMC is, though.
lance…all tyhe creditors and the landlords are
going to lose on this deal.
They agree to take a % on the dollar of whats
owed…most of the times..
and this whole thing seems fishy..because
a few months out trhey declare this
after buying the company. They have assetts
that are worth money…the renegotiate all
theh leeases…then magic…someone else comes
and buys the company for pennies on the
dollars with everything down 50-60%…..
its a way of “busting out”….so to speak.
i guarantee this isn’t the last time we see
this deal going south….
jack..provide some details…….thanks
Perhaps Obama can provide them with a fifty million interest free loan. He saved GM why not Dickson?
I still smell something fishy here. Oh crap, pooped my pants again. Im just a old angry white guy who can remember when Metcalf was durt
I keep commenting……. hearne make me stop ………….asap. I cant do it on my own ………..please block me