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The UK-based movie theater chain, which draws most of its revenues from the US after the acquisition of Regal Cinemas in 2018, filed for Chapter 11 protection on Wednesday.
Backers for the 5 Times Square loan, which runs through May 2026, include Morgan Stanley, Apollo Global Management Inc. and American International Group Inc. RXR and its partners have invested another $300 million to help renovate the site.
Rising labor and materials costs coupled with more expensive debt due to rising interest rates are combining to cut into yields on multifamily development projects.
Demand for space in the skyscraper and across Dubai is surging as the emirate attracts more wealth and expats due to its nimble response to the pandemic and relatively easy access to visas.
