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Movie chain Cineworld files for Chapter 11 bankruptcy

Movie chain Cineworld files for Chapter 11 bankruptcy

Movie theater operator Cineworld Group LLC has filed for Chapter 11 bankruptcy defence inside the U.S. while it deals accompanied by billions of dollars inside invoice accompanied by every one one other accompanied by lower-than-expected attendance at screenings.

"The pandemic was an incredibly difficult hour dated for our business, accompanied by the enforced closure of cinemas accompanied by every one one other accompanied by enormous disruption to film schedules that has led us to this point," CEO Mooky Greidinger said inside a statement.

The firm accompanied by every one one other accompanied by its subsidiaries have commitments for an estimated $1.94 billion debtor-in-possession financing facility from existing lenders, which will assist build sure Cineworld's operations convey on accompanied by while usual while it undergoes a reorganization.

Last month the British company, which owns Regal Cinemas inside the U.S. accompanied by every one one other accompanied by operates inside 10 countries, said its theaters remained "open for labour while usual" while it considered options for reassurance from its invoice load.

Cineworld had built up $4.8 billion inside netting debt, not including lease liabilities. The company, which has concerning 28,000 employees, formerly said that its admissions levels have not lengthy ago been beneath expectations. And accompanied by a "limited film slate," it expects the foot levels to convey on accompanied by until November. That would signify an additional crunch to its finances.

Cineworld anticipates exiting from Chapter 11 all over the earliest quarter of 2023.

Movie chain Cineworld files for Chapter 11 bankruptcy

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