Filing Alert: iPic Theaters Chapter 11
iPic Theaters Files Chapter 11 in Southern District of Florida
Update (Feb. 26, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of iPic Theaters, LLC.
iPic Theaters, LLC, a Boca Raton, FL-based operator of 13 dine-in movie theaters, filed for Chapter 11 protection on Feb. 25 in the U.S. Bankruptcy Court for the Southern District of Florida.
The debtor, wholly owned by Retirement Systems of Alabama following the 2019 acquisition of its predecessor’s assets, attributes the current filing to persistent declines in the cinema industry. Despite the previous restructuring, the company faced insurmountable headwinds including reduced theatrical release volumes and intensified competition from streaming platforms, preventing box office receipts from recovering to pre-pandemic levels. The debtor experienced a $19.4 million net loss in 2025.
Proceeding under Subchapter V, the debtor aims to conduct an orderly liquidation of its assets. The capital structure is notably absent of traditional funded debt; prepetition obligations total approximately $2.6 million, consisting primarily of $2.1 million in accrued employee compensation and benefits, alongside trade debt and tax liabilities. The debtor has no significant secured claims beyond a singular equipment financing statement.
iPic Theaters, LLC reports $10 million to $50 million in assets and $1 million to $10 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-12313.
Top Unsecured Claims
Key Parties
Counsel:
- Christopher R. Thompson
Burr & Forman LLP
Email: [email protected]
Signatories:
- Patrick Quinn – Chief Executive Officer
Claims Agent:
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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