By The Chicago Times Business Staff
August 22, 2022
BRENTFORD, UK — Cineworld, the owner of Regal Cinemas, announced Monday that is considering filing for Chapter 11 bankruptcy in the U.S.
“Any such filing would be expected to allow the Group to access near-term liquidity and support the orderly implementation of a fully funded deleveraging transaction. Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees,” Cineworld said in a statement.
The Chapter 11 bankruptcy consideration comes on the heels of Cineworld’s announcement last week that current admission levels are well below expectations despite an improving post pandemic recovery since reopening its theaters in April 2021. However, as film releases slow, Cineworld expects admission levels to drop for the remainder of the year.
Cineworld is the second-largest movie theater chain in the world behind AMC Theatres.
Photo: Ewan Munro from London.