Regal Cinemas Parent To Declare Bankruptcy In US

August 19, 2022 Business, Environment

Cineworld Group, the world’s second largest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, just days after warning that a lack of blockbusters would hit its liquidity in the near term. Shares in the London-listed company slumped more than 81% to a record low of 1.8 pence after the WSJ said Cineworld is expected to file a Chapter 11 petition in the United States and is also considering insolvency proceedings in the UK.

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Prior to the pandemic, Cineworld’s Regal Cinemas chain operated 7200 screens at 550 US locations, but dozens of them never reopened.

Cineworld shares slump on report bankruptcy filing is being prepared https://t.co/Nq0b4RJ1FS pic.twitter.com/JyqwfV57To

— Reuters (@Reuters) August 19, 2022