October 4, 2022

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Cineworld begins bankruptcy proceedings in the United States

Cineworld Action started shame. He owns the second cinema in the world Regal Cinema Decided to proceed with the procedure envisaged by Chapter 11 of United States federal law by filing a formal petition with the US Bankruptcy Court for the District of South Texas. The voices So it was confirmed that a huge financial crisis for the company had leaked in recent weeks.

Chapter 11 allows companies to use a Restructuring in the wake of a serious financial crisis Hoping to reorganize the company and not liquidate. Its purpose is to restore the company. In an official statement reported by US media, Cineworld noted that “in the context of the Chapter 11 proceedings, with the expected support of its secured funders, Cineworld will seek to: Implementation of a leveraged deal that would significantly reduce the group’s debtAnd the It will strengthen its balance sheet and provide the financial strength and flexibility needed to accelerate and capitalize on the strategy Cineworld in the film industry. The group companies are entering Chapter 11 with financing commitments of approximately $1.94 billion from existing lenders, which will help ensure Cineworld’s operations continue on a regular basis while Cineworld implements its reorganization. “

The company’s stated goal is to “get out of Chapter 11 as quickly as possible.”. The company also indicated that failure to file Chapter 11 will not lead to the suspension of trading of its shares on the London Stock Exchange.

Under the company’s plans, Chapter 11 will offer Cineworld a way to continue its operations, while also ensuring the capital it needs to continue a full recovery of box office revenue after the pandemic.

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Cineworld, a London-based English company, is the world’s second largest cinematic circuit – second only to AMC – with 9,518 screens for a total of 790 buildings, present in 10 countries including the UK and Ireland (under the Cineworld and Picturehouse brands), the US ( Regal Cinemas), Israel (Yes Planet) and Central and Eastern Europe (Cinema City).

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