Another setback. Justin Bieber announced that he is suspending the rest of his Justice Tour so he can continue focusing on his health.
20.08.2022 - 00:09 / deadline.com
Cineworld,, staggering under heavy debt and facing a dip in box office revenue this quarter, asserted Friday that it’s business as usual for the giant movie chain while it explores options.
The statement follows a report today that the U.K parent of Regal Cinemas is preparing to file for bankruptcy. Cineworld presaged a potential Chapter 11 earlier this week when it noted “active discussions with various stakeholders” as it evaluates “various strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.”
“All of our Cineworld and Regal theatres are open for business as usual, and we continue to welcome our guests and members to our cinemas globally,” Cineworld added today.
“As we announced earlier this week, we are proactively evaluating strategic options to ensure we have the balance sheet strength and flexibility to adapt to market conditions, and that process remains ongoing. We are committed to our customers’ experience and to being the ‘Best Place to Watch a Movie’.”
The high debt combined with soft box office revenue and, perhaps, a possible payout owed Cineplex of Canada, are putting a squeeze on. A Canadian court ruled in Cineplex’ favor to the tune of $1 billion in a breach of contract lawsuit
No one believes a bankruptcy means goodbye to Cineworld, rather a slimmed down and tidied up chain. Alamo Drafhouse (albeit a very much smaller circuit) has been expanding rapidly and establishing new breed of post-Covid theater experience after emerging from bankruptcy a year ago.
Exhibition has a history of rightsizing through bankruptcy. In the early 2000s, Regal merged with United Artists and Edward Theatres as they all went bankrupt
Another setback. Justin Bieber announced that he is suspending the rest of his Justice Tour so he can continue focusing on his health.
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