![]() It suffered a $2.7 billion loss in 2020, and $566 million loss in 2021. #Amc sunrise 8 movieThe company struggled to stay afloat during the pandemic, when it was forced to close its movie theaters worldwide. A further announcement will be made if and when appropriate,” it added. “Cineworld’s evaluation of these strategic options remains ongoing. ![]() ![]() Many large American companies have used Chapter 11 successfully to put their businesses on a firmer financial footing.Ĭineworld, which owns more than 500 movie theaters across the United States as well as Picturehouse Cinemas in the United Kingdom, reiterated Monday that any “deleveraging transaction” would result in “very significant dilution of existing equity interests” for Cineworld shareholders. The company blamed a limited roster of films for the lack of moviegoers, a situation it expects to continue until the end of November.Ī Chapter 11 filing would give the company more time to restructure its debt and make a proposal to the bankruptcy court, while continuing to operate. The news also contributed to a plunge of more than 30% in the shares of AMC, the world’s largest movie theater chain.Ĭineworld said earlier last week that, despite a “gradual recovery of demand” since last spring, admissions were below expectations. ![]() The company’s stock fell another 20% Monday. Shares in Cineworld crashed as much as 80% in London on Friday after the Wall Street Journal reported that the world’s second largest movie theater chain had spoken to lawyers at Kirkland & Ellis LLP to advise on the bankruptcy process in the United States and United Kingdom. ![]()
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