CineMagic CEO: Biz as usual, despite bankruptcy
The CEO of CineMagic says Rochester and Austin moviegoers should not see any impact from the company's recent filing for Chapter 11 bankruptcy.
"We certainly don't anticipate any changes in Rochester and Austin. It is business as usual," says Steve Tripp, CEO and president of Midwest Theatres Corp., which owns and operates nine Cinemagic Theaters in Minnesota, Wisconsin and Iowa.
It owns two in Rochester, including the Chateau Theater that it purchased from developer Gus Chafoulias in 2006.
"This is a reorganization of the company in reference to another theater location," he says.
Midwest Theatres filed for bankruptcy on Sept. 14 after a bank began foreclosure proceedings on its St. Michael, Minn., movie theater. The bankruptcy filing lists the company as having $10.7 million in debt and $9.4 million in assets.