Cineworld argues judge 'erred' in decision to award damages to Cineplex
BNN Bloomberg
Cineworld Group PLC is appealing a court ruling that awarded $1.24 billion to Cineplex Inc., the theatre chain Cineworld was once due to takeover.
TORONTO -- Cineworld Group PLC is appealing a court ruling that awarded $1.24 billion to Cineplex Inc., the theatre chain Cineworld was once due to takeover.
In documents filed at the Ontario Court of Appeal, U.K. movie theatre giant Cineworld says Judge Barbara Conway erred in her Dec. 14 decision that found the company was not justified in walking away from its deal to buy Cineplex when the COVID-19 pandemic struck.
Cineworld argues the judge was wrong to decide Cineplex did not break the terms of the takeover agreement, when it halted and deferred payments to landlords, suppliers, movie studios and film distributors.
Cineplex said in court that the moves were part of a normal course of business for theatre companies during a pandemic and did not damage its reputation with landlords and studios, but Cineworld now argues the deferrals began even before Canadian cinemas were shut down and were not allowed under its agreement.
Cineworld also claims the judge was wrong to rule that the $2.18-billion agreement between the two companies allowed Cineplex to deviate from its ordinary course of business because of an outbreak.
Cineworld did not respond to a request for comment, while Cineplex refused to speak about the issue because it is before a court.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River.
U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.