TORONTO –
Cineplex Inc. says the Ontario Superior Court of Justice has ruled in its favour in a breach of contract lawsuit against its former suitor and U.K. theatre operator Cineworld Group PLC.
The Canadian film exhibitor says the court awarded damages of $1.24 billion and denied a counterclaim by Cineworld.
Cineworld walked away from its deal to acquire Cineplex in June 2020 as pandemic-related shutdowns closed theatres, alleging material adverse effects and breaches by Cineplex.
Cineplex called Cineworld’s decision to terminate the deal “nothing more than a case of buyer’s remorse.”
More coming.
