Cineworld bankrupt: UK cinema chain ‘preparing to file for bankruptcy’ – what we know

That cinema world Group, the second largest cinema group in the world, is reportedly preparing to file for bankruptcy.

That Wall Street Journall The UK-based firm is reportedly considering the move after struggling to rebuild visitor numbers in the wake of the Covid pandemic.

cinema worldwhich also operates Regal Cinemas in the United States, has retained attorneys from Kirkland & Ellis LLP and advisors from AlixPartners to advise on its bankruptcy proceedings.

It comes after Cineworld warned that viewership figures were weaker than expected and predicted they will remain low through November due to “limited” film releases.

In a statement, the company said: “Despite a gradual recovery in demand since reopening in April 2021, recent registration figures have been below expectations.

“These lower admissions are due to a limited film slate which is expected to last through November 2022 and is expected to negatively impact the Group’s trading and cash position in the near term.”

Cineworld said it will continue with its cost-cutting plans but is also looking at new options to improve its financial position.

https://www.theargus.co.uk/news/20675017.cineworld-bankrupt-uk-cinema-chain-prepares-bankruptcy-filing—know/?ref=rss Cineworld bankrupt: UK cinema chain ‘preparing to file for bankruptcy’ – what we know

Fry Electronics Team

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