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Report: AMC Entertainement Exploring Chapter 11

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(CelebrityAccess) — AMC Entertainment, the largest movie cinema chain in the world, is reportedly in talks with legal advisors over a potential bankruptcy filing.

According to the New York Post, the theater giant is in talks with bankruptcy specialists Weil Gotshal & Manges to explore a potential Chapter 11 bankruptcy.

An insider told the New York Post that talks are still in the early stages and it was unclear if they have hired other advisors to guide the theater chain in restructuring.

“You don’t hire Ray unless you are filing,” the unnamed source told the Post. “You are not going to hire them at their hourly rate to have a beer with them.”

Weil Gotshal & Manges has gained a reputation for their work in bankruptcy and has handled high profile cases that include Sears Holdings and the California utility PG&E that declared bankruptcy following litigation related to a deadly wildfire in California last year.

Representatives for AMC and Weil Gotshal & Manges didn’t respond to requests for comment from the Post.

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