Ontario Superior Court Rules in Favour of Cineplex TORONTO, Dec. 14, 2021 /CNW/ - (TSX: CGX) – Cineplex Inc. ("Cineplex") today announced that it has received a decision from the Ontario Superior Court of Justice (the "Court") following the trial of its action against Cineworld Group plc and 1232743 B.C. Ltd. (collectively, "Cineworld"), finding that Cineworld repudiated the transaction to acquire Cineplex (the "Arrangement"). The Court awarded damages for breach of contract to Cineplex in the amount of $1.24 billion. The Court also denied Cineworld's counterclaim against Cineplex.
"We are pleased that the Court found Cineplex acted properly throughout this difficult period in our history," said Ellis Jacob, President and CEO, Cineplex. "With roots that go back over 100 years, we are proud of the relationships we have maintained through this process and remain steadfastly committed to our guests, shareholders and team across Canada and the United States."
While members of Management and the Board are pleased with the outcome of the trial, Cineplex will have no further comment during the 30 day period during which either party can seek to appeal the decision.