Cinemex Holdings USA, the owner of CMX Cinemas, has filed for bankruptcy protection in the United States for the second time in five years. This filing was made under Subchapter V of the U.S. Bankruptcy Code. Despite the bankruptcy in the U.S., the parent company Grupo Cinemex has clarified that its operations in Mexico will not be affected. Separately, Steward Health Care System LLC, a hospital network, has also filed for Chapter 11 bankruptcy and received court approval to proceed with a liquidation plan. The plan includes pursuing nearly $1.4 billion in lawsuits against former insiders, including ex-CEO Ralph de la Torre, alleging misappropriation of the network’s assets. Additionally, a major pizza and taco chain franchisee, as well as a brewery and winery restaurant chain, have filed for Chapter 11 bankruptcy. The Del Taco system is experiencing financial difficulties linked to a 22-unit operator that took merchant cash advances last year, jeopardizing the entire operation.
Steward Health Care Approved to Sue Insiders Under Wind-Down Plan https://t.co/qVLHhcfNrs
Bankrupt hospital network Steward Health Care received court approval on Wednesday to proceed with a liquidation plan that aims to repay its creditors with the proceeds of lawsuits against its former owners and insiders. https://t.co/GFP7fF6TtL
Bankrupt Steward Health Care System LLC hit former insiders, including ex-CEO Ralph de la Torre, with a nearly $1.4 billion lawsuit alleging they “pilfered” the health-care network’s assets for their own gain. https://t.co/njSSjWck6m