The world’s second-largest cinema chain, Cineworld, based in the UK, has announced that it will file for administration in an effort to restructure and emerge from bankruptcy.
It will apply for administration next month and its shares activity on the London Stock Exchange will be suspended.
The company has 128 cinemas across the UK and Ireland, and 751 venues globally, using the Regal, Cinema City, Picturehouse and Planet brands, all of which will remain open for the time being.
Cineworld applied for Chapter XI bankruptcy in the US last year. It wants to restructure in a bid to emerge from its $5bn in debts. The company will raise around $800m in a rights offer and take on $1.46bn in new financing.
