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EFA Partners Assists with Advising Studio Movie Grill's Successful Emergence From Chapter 11
April 21, 2021
Dallas, TX – April 21, 2021: Studio Movie Grill Holdings LLC, (“SMG”) announced that it has successfully
emerged from Chapter 11 bankruptcy. The Northern District of Texas (Dallas Division) Bankruptcy Court
approved its Plan of Reorganization at a hearing on March 26, 2021. According to a spokesperson for the
brand, SMG was one of the few Top 15 movie chains to remain open throughout the pandemic, leveraging
its restaurant kitchens for curbside takeout and partnering with GrubHub for delivery orders.
As the exhibition industry resurfaces from a truly historic period, SMG is operating 17 locations in five states
with two remaining locations in Indianapolis and Upper Darby (Philadelphia) scheduled to reopen on April
29th and May 27th, respectively. The brand will complete its line-up of 19 open locations in seven states in
time for Memorial Day weekend. Additionally, SMG will complete construction later this year in Alpharetta,
GA on a new Northpoint location, strategically located within miles of one of the largest malls in the country.
SMG Northpoint will house over 1,300 recliners and 14 screens, continuing its focus on the successful
Atlanta market.
SMG also announced today that longtime CFO/COO, Ted Croft, will lead SMG as CEO. Croft was
instrumental in securing funding for SMG’s rapid growth over the last decade and will now focus his attention
on company profitability and sustainability amid an even more complex entertainment marketplace. Prior to
joining SMG in 2011, Ted consulted with large investment groups on the acquisition and divestiture of
portfolios that included major brands and national franchises. His career spanned three Brinker International
concepts, including the enormous success of Macaroni Grill, and culminating as CFO of Corner Bakery.
“This has been a challenging time for the industry and the brand,” Croft said. “It’s a testament to SMG’s
founder, team members, and our other stakeholders, that we’re standing here today delivering a best-inclass
experience to folks getting out of their homes and safely back into theaters.”
SMG has also partnered with NATO (National Association of Theater Owners), further aligning its own “Simple,
Safer Ways to Enjoy the Show” message with the national #CinemaSafe program. “In a recent survey of more
than 50,000 SMG Guests attending a location in the last 6 months, our ‘Simple, Safer Ways to Enjoy the Show’
safety and sanitation strategy earned SMG a 95% in cleanliness and 97% in safety,” said Sheri Lawrence, VP
of Learning and Development.
For all movie fans, 2021 has been good for the Box Office with titles like Tom & Jerry (WB), Nobody
(Universal), and Godzilla vs. Kong (WB). SMG is eagerly anticipating the release of other blockbuster titles
including Mortal Kombat (WB, April 23), A Quiet Place II (Paramount, May 28), Cruella (Disney, May 28),
and Fast & Furious 9 (Universal, June 25). For showtimes, tickets, and food and beverage orders, please
download the SMG App on the Apple App or Google Play Stores.
Studio Movie Grill was advised through its reorganization by the Law Offices of Frank J. Wright, PLLC, as
legal counsel, CR3 Partners, LLC, as bankruptcy advisor, EFA Partners LLC, as investment banker, and
Keen-Summit Capital Partners LLC, as lease restructuring advisor. The company’s prepetition secured
lenders (affiliates of Goldman Sachs and Crestline Investors, Inc.), who will provide debt financing and
acquire equity in SMG under its Plan of Reorganization upon emergence, were represented by Vinson &
Elkins LLP and Jones Day respectively, and FTI Consulting, Inc. served as financial advisor.
About Studio Movie Grill
Conceived in 1993, Studio Movie Grill (“SMG”) was the first exhibitor to modernize the traditional moviegoing
experience by combining first-run movies with full-service, in-theater dining. In 2019, 50 films put SMG
in the top 10 at the National Box Office. SMG placed 13th in Box Office Magazine’s Giants of the Industry in
2021. Honoring its commitment to Opening Hearts and Minds, One Story at a Time®, SMG’s legacy
outreach programs include Special Needs Screenings (programming returns April 24), and its loyalty
program, SMG Access®, which supports underserved community members. Conceived in 2018, SMG
Access®, in partnership with SMG Guests across the country, has earned over 44,000 free movies and
meals.
