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. “Cineworld is expected to file a chapter 11 petition in the U.S.
and is considering filing an insolvency proceeding in the U.K.,” the Wall Street Journal said. Cineworld declined to comment when approached by Variety.On Wednesday, Cineworld revealed lower than expected cinema admissions, which could potentially lead to equity dilution, they said. “Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations.
These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term,” the Cineworld statement said.
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