Number-three movie theater chain Carmike Cinemas Inc. filed for Chapter 11 bankruptcy protection last week, and at least one analyst thinks its bonds, trading around 19 at press time, are worth closer to 60. And Phelps Hoyt, of KDP Investment Advisors, added that one way to bring out the value of the company would be to merge it with one of a number of other struggling theater companies, a few of whom are already in talks with their banks.
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