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British operator Cineworld Group will file for bankruptcy, according to a Wall Street Journal report.
The report states that Cineworld registered a Chapter 11 application in the U. S. It is considering insolvency proceedings in the UK.
It is reported that the company, the largest exhibitor of the moment in the world, has lawyers from kirkland.
Cineworld shares fell about 60% after the report.
Earlier this week, Cineworld issued a statement saying admissions had been “below expectations” since it reopened in 2021 in the wake of the covid-19 pandemic, and that the lack of primary exits through November 2022 is expected to “have a negative effect. “on the group’s trading position and liquidity”. In the short term. “
He added that Cineworld was looking for new liquidity resources and could potentially restructure its balance sheet.
Cineworld’s debt stood at $4. 84 billion in March and the company faces a fine in its ongoing dispute with Canada’s Cineplex, following Cineworld’s deserted acquisition of the company in mid-2020.
Cineworld owns regal cinemas in the US, which it acquired for $3600 million in 2017, such as Cineworld and Picturehouse Cinemas in the UK, with operations in 10 countries including Poland and Israel, and 9189 screens in more than 750 locations.
Philippa Childs, director of Bectu, said in a statement: “This is very worrying news, especially for British workers at Cineworld and Picturehouse who have already gone through a tumultuous era of the pandemic. The UK film industry has suffered an incredible blow due to Covid-19 and this new news will be very worrying for film workers.
“We will do everything we can to help our members during this difficult time and look to Cineworld to mitigate the effect of any bankruptcy settlement of its employees. “
Screen has contacted Cineworld for comment.
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