TORONTO — Cineplex Inc. has filed a cross appeal asking for even higher alternative damages, if a court overturns a ruling that forced the theatre company's once-suitor Cineworld Group PLC to pay $1.24 billion. In documents filed with the Ontario Court of Appeal on Thursday, Cineplex argues it should be awarded more than $2.8 billion in damages because of diminished value and loss of performance that occurred after Cineworld walked away in June 2020 from its $2.18-billion deal to buy Cineplex. I
Cineworld Group said on Friday Canada's Cineplex Inc filed an appeal against its plea challenging an order the British cinema operator pay C$1.23 billion ($965.92 million) in damages to Cineplex for abandoning a planned takeover. The London-listed company said it disagreed with the submissions made by Cineplex in its cross-appeal and will respond to it, adding Cineworld does not expect to pay any damages while the appeals are ongoing. In December, a Canadian court ordered Cineworld, the world's second-largest cinema operator, to pay the damages after the British firm walked away from a $1.65 billion deal in mid-2020, citing breaches in the merger agreement by Cineplex.
The UK-listed chain is appealing a £720 million payout awarded in court last month.