Regal Cinemas to Pay Imax $6.5 Million

Regal Cinemas Inc., the largest movie theater chain, will pay big-screen film-projection systems maker Imax Corp. $6.5 million to settle unpaid leases and keep six U.S. theaters that use the screens from shutting down. Closely held Regal, which won court approval for its bankruptcy restructuring plan last month, owed Imax money for system rental and penalties related to canceling orders, Imax Co-Chief Executive Rich Gelfond said. The settlement is subject to court approval, Imax said. Imax made an initial claim against Regal for $11.8 million in November after Regal filed for protection from creditors. Imax shares rose 12 cents to $3.43 on Nasdaq.