Commissar SFLUFAN Posted August 19, 2022 Share Posted August 19, 2022 Cineworld shares plummet more than 60% on bankruptcy reports WWW.CNBC.COM Shares of British cinema chain Cineworld Group plunged Friday on reports that it is preparing to file for bankruptcy. Quote Shares of British cinema chain Cineworld Group plunged Friday on reports that it is preparing to file for bankruptcy after failing to entice viewers back to movie theatres following a pandemic lull. The stock was down around 63% in mid-afternoon trade in London, up just slightly from earlier Friday, when it hit a record low of 1.8 pence per share. It follows reports first cited in The Wall Street Journal that the company, which owns Regal Cinemas, had engaged a team of lawyers and consultants to advise on the bankruptcy process, according to people familiar with the matter. The company is expected to file a chapter 11 petition in the U.S. and is considering filing an insolvency proceeding in the U.K., they said. Quote Link to comment Share on other sites More sharing options...
Anathema- Posted August 19, 2022 Share Posted August 19, 2022 @sblfilms some good pickup opportunities here let me know if you need a regional manager/VP of operations Quote Link to comment Share on other sites More sharing options...
SoberChef Posted August 23, 2022 Share Posted August 23, 2022 I wonder what this will all mean fallout wise for the company after filing? Quote Link to comment Share on other sites More sharing options...
silentbob Posted August 23, 2022 Share Posted August 23, 2022 They are still in trouble from their dropped purchase of our Canadian Cineplex movie theatre chain. We’re found in breach of their contract and owe like $1.24B in a court settlement. Guess they don’t need to pay if they file bankruptcy Court grants Cineplex $1.4B in damages in legal fight with former merger partner Cineworld | CBC News WWW.CBC.CA Ontario court awards Cineplex $1.24-billion in damages after U.K.-based Cineworld walked away from takeover amidst pandemic. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 23, 2022 Author Share Posted August 23, 2022 41 minutes ago, SoberChef said: I wonder what this will all mean fallout wise for the company after filing? Closures and layoffs Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 7, 2022 Author Share Posted September 7, 2022 Chapter 11 bankruptcy filing now official: Cineworld, the world's second largest movie theater chain, files for bankruptcy EDITION.CNN.COM Cineworld Group — the world's second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. Quote Cineworld Group — the world's second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. The British company, which owns more than 500 movie theaters across the United States, said that it commenced Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas to shed company debt. It also expects the action will "strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalize on, Cineworld's strategy in the cinema industry." The company added that it has access to nearly $2 billion in financing from existing lenders to keep operating. Cineworld also said in the filing that it "expects to operate its global business and cinemas as usual throughout this process." Quote Link to comment Share on other sites More sharing options...
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