HEADLINE: AMC Theater
DATELINE: CULVER CITY
BODY:

     AMC, suffering with others through a downturn in the movie theater business, scrapped plans for a 16-screen Town Plaza project that $ (?) % (?) was seen as a cornerstone to revitalization in downtown Culver City.

     AMC informed developer OliverMcMillan on Tuesday that it is terminating its lease, according to the Culver City Redevelopment Agency.

     Delays enabled AMC to pull out of the deal, according to the CRA. AMC is canceling all pending deals it is not legally committed to complete and operate, according to the agency.

     The loss of market share by smaller, older theaters and the high debt created by newly constructed megaplexes is dragging the movie theater industry $ (?) % (?) down nationwide, according to experts. Many exhibitors have filed or are expected to file for bankruptcy, to restructure debt and shed unprofitable theaters.

     As a result, the AMC departure on the Town Plaza project was not unexpected by the Culver City CRA. ''I'm optimistic that the agency can keep up the momentum in downtown,'' said Steven Rose, vice chair of the agency. ''I think that the community vision for an animated downtown is still possible.''

NOTES:
Mark Wardlaw, deputy director of the Culver City Redevelopment Agency, is at (310) 253-5706; Mike Hans, AMC's vice president, is at (816) 480-2533; Dene Oliver of OliverMcMillan is at (619) 457-0911.
LANGUAGE: ENGLISH
LOAD-DATE: November 10, 2000