Weil Gotshal's team is headed up by star lawyer Ray Schrock, who lately has worked as bankruptcy counsel to California utility PG&E, the Fairway supermarket chain and retail icon Sears Holdings, many of whose stores got taken over by billionaire Eddie Lampert. The insider cautioned that "it's early stages" and that it's not clear whether the theater chain has hired any other advisors for the possible restructuring. Nevertheless, a bankruptcy filing looks increasingly likely as the company has already begun to skip rent across its locations, according to the source.