The only secured debt is a $6.4 million obligation to Bank of America, which means that all the unsecured creditors — including landlords, taxing authorities, former employees, vendors, various litigants, and gift card holders — will likely wind up with little or nothing.
The parent company will also continue to own the ArcLight Hollywood and the Cinerama Dome, and the Pacific Theatres location in Chatsworth, both of which are held through other entities.
The unsecured creditors include all the major film studios, along with many smaller distributors, who were still owed box office revenue when Pacific’s theaters closed last year.
Among the assets declared by the debtors were the furniture and projectors in the theaters, though most are no longer in the company’s control, and the ArcLight websites and customer lists.
The statement continues, “We are deeply grateful to our employees, our guests, and the film community for coming together over the past decades to create so many wonderful moviegoing experiences.
On Tuesday, Variety reported that AMC is close to taking over the Pacific Theatres locations at The Grove in the Fairfax neighborhood and The Americana at Brand in Glendale.