Jun 26, 2023
Cineworld screens stay open despite administration
Struggling cinema chain Cineworld has said its screens will remain open despite the company planning to file for administration in the UK. The move is part of a restructuring plan for the world's second-largest cinema chain that will see its shares being suspended. The company filed for bankruptcy protection in the US last year as it struggled with debts of $5bn. But the firm said it was still business as usual for its cinemas. "Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration," it said. Cineworld plans to emerge from bankruptcy protection in July following the financial structuring, which will cut its debts by about $4.5bn and see $800m raised in fresh funds. Like other cinema chains, Cineworld - which employs more than 28,000 people globally - was hit hard by the pandemic.
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