RegalCinemas parent company Cineworld files for Chapter 11 Bankruptcy
Regal Cinemas' parent company, Cineworld, is filing for Chapter 11 Bankruptcy. Not too long ago the Wall Street Journal reported that the chain's ownership was mulling over the move and now it's official. Cineworld brass filed with the United States Bankruptcy Court for the Southern District of Texas. Projections for this summer at the movie were really hopeful earlier in the year. However, the box office boom that many analysts saw coming never really materialized.
"As part of the Chapter 11 cases, Cineworld, with the expected support of its secured lenders, will seek to implement a de-leveraging transaction that will significantly reduce the group's debt, strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalize on, Cineworld's strategy in the cinema industry," the second-largest movie theater chain said .
The firm would add,"Cineworld currently anticipates emerging from Chapter 11 during the first quarter of 2023 and is confident that a comprehensive financial restructuring is in the best interests of the group and its stakeholders, taken as a whole, in the long term." "We have an incredible team across Cineworld laser-focused on evolving our business to thrive during the comeback of the cinema industry," Greidinger previously told The Wall Street Journal."The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point.
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