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Cineworld cuts debt as it goes into administration
Evening Standard
|June 26, 2023
CINEWORLD is set to go into administration and its shares will be suspended as part of a restructuring plan to emerge from bankruptcy protection.
The cinema chain entered Chapter 11 proceedings in the US last year as it struggled to recover from the pandemic. It then announced a restructuring deal in April that would see shareholders wiped out as creditors take full control of the business.
Cineworld, which has 751 cinemas across the globe including 129 in the UK, says this will cut its debts by $4.53 billion, allowing it to stay alive.
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