Cineplex Inc. (CPXGF)
- The Canadian Press
Cineplex seeking alternative damages, if Appeal Court rules in Cineworld's favour
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
- Reuters
Britain's Cineworld hit by appeal in Cineplex legal battle
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.
- PA Media: Money
Cineworld Canadian court battle heats up with new counter-claim
The UK-listed chain is appealing a ÂŁ720 million payout awarded in court last month.
