Cineworld Officially Enters Administration
deadline.comUPDATED, 07:30 a.m.: Cineworld Group has officially entered administration, following an application at the High Court in London.
The administration order applies only to Cineworld Group and not to any of its operating companies or subsidiaries such as Regal Cinemas in the U.S.
or Picturehouse Cinemas in the UK. Following last week’s announcement, Cineworld also will officially cease trading on the London Stock Exchange from tomorrow (Aug 1) at 8 am BST. “As previously announced by Cineworld, the restructuring of the Group, which will be implemented by way of the administration process, will transform the Group’s balance sheet and provide it with significant additional liquidity to fund its long-term strategy,” the company said in a statement today.
The group has said it continues to operate its global business and cinemas — including Regal, Cinema City, Picturehouse, and Planet — as usual without interruption. PREVIOUS STORY, JUNE 26: Cineworld said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating companies will continue business as usual without interruption.
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