National CineMedia, the nation's largest theatrical advertising company, files for Chapter 11 bankruptcy
National CineMedia Inc., the nation's largest theatrical advertising company, filed for Chapter 11 bankruptcy on Tuesday evening.
Earlier in the day, shares of the theater operator AMC Entertainment Holdings Inc. jumped more than 50 percent after the company disclosed a significant stake in National CineMedia.
In a statement released Tuesday evening, CineMedia said it is voluntarily filing for bankruptcy protection "in order to move forward with its debt restructuring.
CineMedia's assets are estimated to be between $500 million and $1 billion and its liabilities between $1 billion and $10 billion, according to court documents. $National CineMedia (NCMI.US)$ $AMC Entertainment (AMC.US)$
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