Studio Movie Grill has filed its plan of reorganization, nearly three months after filing for chapter 11 protection in October due to effects of the Covid-19 pandemic, the Dallas Business Journal reported. If the bankruptcy court confirms the plan, the company will exit bankruptcy in less than five months, said Frank Wright, Studio Movie Grill's bankruptcy lawyer. While it is waiting on the court to set a date to confirm the plan, the Dallas-based dine-in movie theater chain is also running a sale process to see if an outside bidder is interested in acquiring the company, Studio Movie Grill said on Monday. The plan will provide for a creditors’ trust to manage liquidation of some assets to handle the company’s $50 million of contingent and non-contingent general unsecured debt. The bankruptcy process has forced eventual closure of about one-third of the company’s locations.
