The second-largest film exhibitor in the world, Cineworld, is expected to file for bankruptcy.
Per the Wall Street Journal, Cineworld, the owner of Regal Cinemas, has met with lawyers from Kirkland & Ellis Llp and consultants from AlixPartners to advise on the bankruptcy process. Cineworld is expected to file a Chapter 11 petition in the U.S. and is considering filing for insolvency in the U.K.
Since the rise of streaming and the start of the Covid-19 pandemic, Cineworld has been open about low admission rates affecting business. The company issued a statement revealing “active discussions with various stakeholders and [that the company] is evaluating various strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.”
The statement continued that the petition is “due to a limited film slate that is anticipated to continue until November 2022 and [is] expected to negatively impact trading and the group’s...
Per the Wall Street Journal, Cineworld, the owner of Regal Cinemas, has met with lawyers from Kirkland & Ellis Llp and consultants from AlixPartners to advise on the bankruptcy process. Cineworld is expected to file a Chapter 11 petition in the U.S. and is considering filing for insolvency in the U.K.
Since the rise of streaming and the start of the Covid-19 pandemic, Cineworld has been open about low admission rates affecting business. The company issued a statement revealing “active discussions with various stakeholders and [that the company] is evaluating various strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.”
The statement continued that the petition is “due to a limited film slate that is anticipated to continue until November 2022 and [is] expected to negatively impact trading and the group’s...
- 8/19/2022
- by Samantha Bergeson
- Indiewire
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