Regal Cinemas Parent Company Cineworld to File for Bankruptcy (Report)

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The debt-riddled Regal Cinemas owner Cineworld Group on Wednesday filed for Chapter 11 bankruptcy in the U.S. In a statement, the troubled London-based cinema chain said it was setting up “a $1.94 billion debtor debtor-in-possession financing facility from existing lenders which will help ensure Cineworld’s operations continue in the ordinary course while Cineworld implements its reorganisation.” The filing the United States Bankruptcy Court for the Southern District of Texas covers multiple subsidiaries of Cineworld, which operated 505 theaters in the U.S.

The shoe finally fell today as giant theater chain Cineworld filed for Chapter 11. The bankruptcy includes a $1.94 billion debtor-in-possession financing facility from existing lenders to keep things running.

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considering bankruptcy in the U.S. as one of several “strategic options to both obtain additional liquidity and potentially restructure its balance sheet.”The world’s second-largest movie theater chain, responding to a report published in Friday’s Wall Street Journal, said that it remains “in discussions with many of its major stakeholders including its secured lenders and their legal and financial advisers.” The company also stressed that its theaters “are open for business as usual and continue to welcome guests.”Last Wednesday, the company announced that it was in the midst of a liquidity crisis exacerbated by what it called lower-than-expected ticket sales over the last several months due to limited new studio content.

In response to recent speculation, Cineworld has provided an update to its August 17 announcement regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.

Naman Ramachandran After reports last week saying that debt-laden exhibition giant Cineworld was considering bankruptcy, the group has issued a statement revealing a possible Chapter 11 filing in the U.S.“In response to media speculation, Cineworld is today providing an update to its announcement on 17 August 2022 regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction,” Cineworld, which which owns Regal Cinemas in the U.S., said on Monday.“Cineworld and Regal theaters globally are open for business as usual and continue to welcome guests and members. The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process.

As many as 128 cinemas in the UK could be at threat of closing after it was revealed Cineworld is preparing to file for bankruptcy with weeks.

The Wall Street Journal reported, citing unnamed sources. The London-headquartered Cineworld is expected to file for chapter 11 bankruptcy in the US and is mulling filing an insolvency proceeding in the UK, according to the report.Cineworld and Alix Partners declined to comment.

COVID pandemic.The London-listed company, which operates 751 sites in 10 countries including the Cineworld and Picturehouse chains in the UK, ran up debt of more than £4billion ($4.8billion) after its cinemas were closed during the global health crisis.News of the chain’s bankruptcy, as first reported in The Wall Street Journal, has contributed to its share price dropping from 20p to 2p.

Naman Ramachandran Debt-laden exhibition giant Cineworld is filing for bankruptcy after admitting to low admissions, according to reports. The company, which owns Regal Cinemas in the U.S., has hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the Wall Street Journal said, citing people familiar with the matter.