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Cineworld Files for bankruptcy

Cineworld Group, the owner of Regal Cinemas, filed for bankruptcy today!

After a sluggish recovery in theater admissions fell short of the company’s financial needs.

Theater admissions have partially rebounded from pandemic lows, but too little too late for the world’s second-largest cinema chain

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Cineworld, the world’s second-largest movie theater chain behind rival AMC Entertainment Holdings Inc.,

Today filed a chapter 11 petition in the U.S. Bankruptcy Court in the Southern District of Texas.

The Wall Street Journal reported last month that Cineworld was preparing to file for bankruptcy in the U.S.

While movie-theater attendance has recovered somewhat as Covid-19 fears wane, ticket sales still lag behind their prepandemic levels.

London-based Cineworld has more than $5 billion in debt and faces a roughly $1 billion legal judgment stemming from a soured merger with Canadian cinema chain Cineplex Inc. The chapter 11 proceedings open a path for Cineworld to cut its liabilities and reorganize operations.


source: WSJ