Cineplex doesn't expect to recoup any material amount of the $1.24B owed by Cineworld

Cineplex Inc. says it does not expect to recover any material amount from U.K.-based Cineworld Group PLC, its once-suitor which owes the Toronto movie theatre chain $1.24 billion.

U.K.-based Cineworld entered into a restructuring agreement with some of its lenders last week and filed a proposed Chapter 11 plan of reorganization Tuesday.

If Cineworld's plan receives creditor and court approvals, Cineplex says it will only be entitled to distributions from a general unsecured claims pool.

Cineworld walked away from a $2.18-billion deal to buy Cineplex in 2020, sparking a court battle over whether Cineworld had the right to get out of the deal.