Fiscal Plan OKd for Edwards Chain

Creditors of Edwards Theatres Circuit Inc. approved a bankruptcy reorganization plan that gives control of the cinema chain to billionaire Philip Anschutz and an investment partner, the Newport Beach company said Tuesday.

The plan will pay 90 cents on the dollar to creditors who want cash as soon as the plan becomes effective, and it will give full payments to creditors who are willing to take payment over a period of seven years. Only about five creditors requested full payment, Edwards spokeswoman Anita-Marie Hill said.

A final hearing before U.S. Bankruptcy Judge Lynne Riddle is scheduled Sept. 19. If confirmed, the plan is expected to become effective in one to two months.