Cineworld

The heavily indebted cinema chain, which also owns Picturehouse, has been hit by poor audiences.

Streaming services have posed a threat to cinemas for many years, and the battle for content has become even more aggressive recently. But their next big one, Pinocchio, is going straight to Disney+ But it's telling that many other big releases are going straight to streaming services. Total box office takings this year are down a third, or 32%, compared with the equivalent period in 2019. I mean, it is still a very cheap night out," he said. "This is a big business and people still want to go out and go to the cinema."

World's second-biggest cinema chain has warned it is in discussions to restructure the business.

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Cineworld said it will continue with cost-saving plans but will also look at new options to improve its financial position.

[Cineworld](https://www.bournemouthecho.co.uk/news/20285639.showcase-cinemas-giving-free-tickets-red-heads-stay-protected-heatwave/), which also operates Regal Cinemas in the United States, has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process. The

Cineworld shares have plummeted after reports the cinema chain is preparing to file for bankruptcy “within weeks”.

"This would mark the end of the road for the indebted cinema chain, which has around £4bn worth of debt before factoring leaseholder liability and annual revenues of under £1.5bn. The company, which was founded in 1995, bought the UK UGC operation in 2004 and listed on the London Stock Exchange three years later. The Shrewsbury cinema was the third the business ever opened, opening its doors in 1998 after the first two in Stevenage and Wakefield.

The world's second largest cinema business built up 4.8 billion dollars (£4 billion) of debt by the end of the last financial year.

“These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term.” The London-listed company, which operates 751 sites in 10 countries, is expected to file a chapter 11 petition in the US and is considering insolvency proceedings in the UK, according to reports. [to advise on the bankruptcy process.](https://inews.co.uk/inews-lifestyle/money/small-business/more-than-half-of-small-businesses-predict-they-could-close-to-bankruptcy-as-cost-pressures-bite-survey-finds-1804031?ico=in-line_link)

The second largest cinema business in the world is set to file a chapter 11 petition in the US, an 'insider' has said. It is also considering filing an ...

[check our news page](https://metro.co.uk/news/). [Find out more »](https://metro.co.uk/news-updates-newsletter/) When approached for comment, a Cineworld representative referred Metro.co.uk to the company’s Cineworld is said to be currently ‘negotiating with its lenders to fund the costs of the bankruptcy process’. The second largest cinema business in the world is set to file a chapter 11 petition in the US, an ‘insider’ has said. The Cineworld Group is likely to file for bankruptcy within weeks, a new report suggests.

The cinema chain Cineworld is preparing to file for bankruptcy. The company currently has thousands of employees and screens in the UK, with over 100 ...

They are also the owners of Pictureworld in the UK and Regal Cinemas in the US. The company also owns the Picturehouse chain in the UK and Regal Cinemas in the US. As well as the UK and Ireland, the company operates in the US, Poland, Romania and Hungary among others. Between 1,000 and 5,000 people are estimated to work in the UK company, which has over 1,000 screens in the UK at sites from Aberdeen to York, Sheffield, London and Dover, among many others. Shares have fallen by more than 81% to a record low of 1.8 pence, with the company expected to file for insolvency in the UK within weeks. [As many as 128 cinemas](https://www.mirror.co.uk/all-about/cineworld) in the UK [could be at threat](https://www.mirror.co.uk/all-about/cineworld-cinema) of closing after it was revealed Cineworld is [preparing to file for bankruptcy](https://www.mirror.co.uk/3am/celebrity-news/breaking-katie-prices-court-bankruptcy-27166077).

Cineworld Group , the world's second largest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, ...

[read more](/business/media-telecom/cineworld-looks-further-delay-payments-former-regal-shareholders-2022-05-04/) Register now for FREE unlimited access to Reuters.com

The Cineworld Group - which has four cinemas in Kent - is preparing to file for bankruptcy in the next few weeks, according to reports.

It also owns the Picturehouse cinema at the Elwick Place leisure complex in [Ashford](http://www.kentonline.co.uk/ashford) town centre. [featuring six screens](https://www.kentonline.co.uk/ashford/news/75-million-leisure-complex-opens-195466/). [opened at the St James development in Dover in 2018](https://www.kentonline.co.uk/dover/news/big-screen-action-begins-161192/) as a flagship attraction and the town's first-ever multiplex cinema. [initially surrounded by empty units](https://www.kentonline.co.uk/ashford/news/75m-leisure-complex-a-ghost-town-201287/) but a number of tenants – including Macknade and Snap Fitness – have since been found. [offers a rollercoaster-like experience where seats shake and water is sprayed on film-goers](https://www.kentonline.co.uk/ashford/news/its-like-being-on-a-rollercoaster-popcorn-was-flying-eve-265434/). [Ashford](http://www.kentonline.co.uk/ashford), [Dover](http://www.kentonline.co.uk/dover) and [Rochester](http://www.kentonline.co.uk/medway) could be forced to close their doors. [a new IMAX and 4DX extension finally opened at its Ashford site on Eureka Leisure Park earlier this year](https://www.kentonline.co.uk/ashford/news/first-look-inside-cineworlds-long-awaited-imax-extension-264908/). [the Guardian](https://www.theguardian.com/business/2022/aug/19/cineworld-preparing-to-file-for-bankruptcy-following-pandemic-rout), Cineworld has run up debts of £4 billion due to huge losses made during the Covid crisis. The 4DX screen is the only one in Kent and [Kent](http://www.kentonline.co.uk) - is preparing to file for bankruptcy in the next few weeks, according to reports. An 'insider' has said that Cineworld - the second-largest cinema business in the world - is set to file a chapter 11 petition in the US, an ‘insider’ has said. [Wall Street Journal](https://www.wsj.com/articles/regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944?mod=latest_headlines) suggests the company was unable to entice people back to the cinema after Covid lockdowns.

The group had pinned its hopes on big-budget releases such as Top Gun: Maverick, The Batman and Thor: Love And Thunder to aid its recovery from the ...

Cineworld, which also owns the Picturehouse chain in the UK and Regal Cinemas in the US, had pinned its hopes on big-budget releases such as Top Gun: Maverick, The Batman and Thor: Love And Thunder to aid its recovery from the devastating impact of the pandemic. The group had pinned its hopes on big-budget releases such as Top Gun: Maverick, The Batman and Thor: Love And Thunder to aid its recovery from the devastating impact of the pandemic - but seemingly to no avail. "We will do everything we can to support our members during this challenging time and will be looking to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees."

Cineworld shares have plummeted after reports the cinema chain is preparing to file for bankruptcy “within weeks”. Shares dived by two-thirds within minutes ...

“These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term.” “We will do everything we can to support our members during this challenging time and will be looking to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.” “The UK’s cinema industry suffered an incredible blow due to Covid-19 and this latest news will be very unsettling for cinema workers.

The business has never recovered from the pandemic, which left it saddled with huge debts.

"This type of bankruptcy known allows a company to stay in business and restructure its debt obligations but the plan has to be in the best interest of its creditors" "Chapter 11 is considered to be a highly complex form of bankruptcy and would ordinarily only be undertaken if the company had exhausted all other avenues." The group has been struggling to rebuild its attendance from pandemic lows and, according to a report in the Wall Street Journal, is expected to file a chapter 11 petition in the United States and is considering filing for insolvency proceedings in the UK.

It has cast uncertainty over the future of thousands of workers at its 127 UK cinemas. Cineworld employs around 28,000 workers globally, with operations in 10 ...

- 10 - 2 - 1

The firm recently spoke of low admission levels post-pandemic.

Net debts were at roughly £7.3 billion, with lease liabilities of around £4 million at the end of last year. [the Wall Street Journal](https://www.wsj.com/articles/regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944?mod=business_lead_pos3) - meaning the same outcome could be coming for its American venues. On Wednesday its shares plunged more than 60 per cent after it warned audience numbers have been weaker than expected, with a limited number of film releases not helping. A spokesperson recently said: "Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations. It is reported to have built up debts of £3.95 billion of debt by the end of the last financial year. Shares for the company have tumbled, taking an 81 per cent hit. With branches in [reports The Mirror Online.](https://www.mirror.co.uk/money/cineworld-cinemas-across-uk-under-27784158) It currently has around 28,000 employees worldwide - with 1,000-5,000 people estimated to work in the UK. [Hinckley ](https://www.leicestermercury.co.uk/all-about/hinckley)and [Loughborough ](https://www.leicestermercury.co.uk/all-about/loughborough)- and a further 126 sites across the UK, thousands of jobs could be at risk. A Chapter 11 petition set to be filed in the US, as reported by [The Cineworld Group,](https://www.leicestermercury.co.uk/whats-on/film) who own over 9,000 screens across the world, has declined to comment so far. Cinemas in Leicestershire could be set to close as the news comes Cineworld is preparing to file for bankruptcy.