The Wall Street Journal reported today that Cineworld, the London-based exhibitor that’s the second-largest in the world, is expected to file Chapter 11 bankruptcy in the United States and declare insolvency in the U.K. (a legal action similar to Chapter 11). Regal Cinemas, the cinema brand that operates in the U.S. did not return a call seeking comment, but earlier this week Cineworld itself hinted at the possibility in a statement that warned of immediate measures needed to deal with debts.
More to come, but for now here’s some implications to consider:
Regal Cinemas will continue to operate.
This is not the same as the more draconian bankruptcy action taken last year by Pacific Theaters, which also owned Arclight Cinemas: That meant it was out of business. This is the more traditional form of reorganization, in which the operators hope to readjust their financial obligations — debt (including film rentals), leases,...
More to come, but for now here’s some implications to consider:
Regal Cinemas will continue to operate.
This is not the same as the more draconian bankruptcy action taken last year by Pacific Theaters, which also owned Arclight Cinemas: That meant it was out of business. This is the more traditional form of reorganization, in which the operators hope to readjust their financial obligations — debt (including film rentals), leases,...
- 8/19/2022
- by Tom Brueggemann
- Indiewire
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