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UK fear as Cineworld filing for bankruptcy eyes in US
Evening Standard
|August 22, 2022
CINEWORLD today admitted it is pondering filing for bankruptcy - at least in the US while it fights for survival in a post-pandemic world.
That means an insolvency filing in the UK is now a clear possibility, likely leading to a wipe-out for long-suffering shareholders.
The world's second-largest cinema chain after AMC is weighed down by $5 billion of debts and has struggled to bounce back from Covid lockdowns.
On Friday the shares fell 60% as speculation mounted that bankruptcy was on the cards. Investors have lost hundreds of millions of pounds from buying Cineworld shares.
Today the firm said that "strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States".
Cette histoire est tirée de l'édition August 22, 2022 de Evening Standard.
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