Cineplex is headed to court today in a bid to recoup more than two-billion-dollars from a UK theatre giant that had planned to purchase the Canadian cinema chain before COVID-19 struck. It’s widely expected to be a test case for pandemic-era litigation. Toronto-based Cineplex will face off against Cineworld Group PLC, which walked away from a December 2019 takeover deal amid strict economic lockdown measures in June 2020. Cineworld alleged material adverse effects and breaches by the Canadian chain. But Cineplex has called the decision to terminate the deal nothing more than a case of buyer’s remorse.
Photo Credit: Cineplex