United Artists Theatres Company has become the latest US exhibitor to run into financial trouble, filing for protection from creditors under US bankruptcy law while it reorganises to reduce debt and expenses.

In its filing, the company said it intends to reduce debt of about $720m to about $260m. The reorganisation plan calls for handing over majority control of United Artists to its biggest bondholder and creditor, Denver-based Anschutz Corp.

United Artists CEO Kurt Hall blamed his company's problems, in part, on a nationwide glut of movie theatres.