Cineworld Shares Fall After Bankruptcy Filing Is In The Works

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It is expected to file for Chapter 11 in the US – WSJ Considers UK bankruptcy filing – WSJ Stocks down more than 80%

Aug 19 (Reuters) – Cineworld Group ( CINE.L ), the world’s second-biggest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, days after warning that a lack of blockbusters would hit liquidity of the short term. Cineworld declined to comment on the WSJ report. Shares in the London-listed company fell more than 81 percent to a record low of 1.8 pence after the WSJ said Cineworld was expected to file for Chapter 11 in the United States and was also considering insolvency proceedings in the United Kingdom. Sign up now for FREE unlimited access to Reuters.com Register In 2020, when the world was fighting the pandemic, Cineworld struggled to survive the coronavirus collapse in filmmaking and cinema, as the lockdown did not allow moviegoers to go outside. The company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, has seen a shortage of big-budget films that has reduced imports and dampened its chances of recovering from pandemic lows. read more Cinema chain operators have seen a decline as audiences have become addicted to streaming movies at home. “We have nothing to add beyond the statement we made on Wednesday,” a company spokesman said. Net debt stood at $8.9 billion, including lease obligations of $4.84 million, at the end of 2021, with cash and restricted cash of $354.3 million. Cineworld also faces payment obligations to former shareholders of Regal’s U.S. unit and a potential multimillion-dollar fine in a dispute with Canada’s Cineplex ( CGX.TO ). read more Refinitiv’s calculations give Cineworld a combined credit score of 1, indicating it is highly likely to default on its account next year. Cineworld has hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the WSJ reported, citing unnamed people familiar with the matter. AlixPartners declined to comment, while Kirkland & Ellis LLP did not immediately respond to a request for comment. Cineworld said on Wednesday it was in talks about a possible financing or restructuring of its balance sheet, but noted the risk to shareholders of a “very significant dilution” of their interests. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru. Editing by Devika Syamanath, Kirsten Donovan and Mike Harrison Our Standards: The Thomson Reuters Trust Principles.

title: “Cineworld Shares Fall After Bankruptcy Filing Is In The Works Klmat” ShowToc: true date: “2022-10-28” author: “Michael Tower”

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It is expected to file for Chapter 11 in the US – WSJ Considers UK bankruptcy filing – WSJ Stocks down more than 80%

Aug 19 (Reuters) – Cineworld Group ( CINE.L ), the world’s second-biggest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, days after warning that a lack of blockbusters would hit liquidity of the short term. Cineworld declined to comment on the WSJ report. Shares in the London-listed company fell more than 81 percent to a record low of 1.8 pence after the WSJ said Cineworld was expected to file for Chapter 11 in the United States and was also considering insolvency proceedings in the United Kingdom. Sign up now for FREE unlimited access to Reuters.com Register In 2020, when the world was fighting the pandemic, Cineworld struggled to survive the coronavirus collapse in filmmaking and cinema, as the lockdown did not allow moviegoers to go outside. The company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, has seen a shortage of big-budget films that has reduced imports and dampened its chances of recovering from pandemic lows. read more Cinema chain operators have seen a decline as audiences have become addicted to streaming movies at home. “We have nothing to add beyond the statement we made on Wednesday,” a company spokesman said. Net debt stood at $8.9 billion, including lease obligations of $4.84 million, at the end of 2021, with cash and restricted cash of $354.3 million. Cineworld also faces payment obligations to former shareholders of Regal’s U.S. unit and a potential multimillion-dollar fine in a dispute with Canada’s Cineplex ( CGX.TO ). read more Refinitiv’s calculations give Cineworld a combined credit score of 1, indicating it is highly likely to default on its account next year. Cineworld has hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the WSJ reported, citing unnamed people familiar with the matter. AlixPartners declined to comment, while Kirkland & Ellis LLP did not immediately respond to a request for comment. Cineworld said on Wednesday it was in talks about a possible financing or restructuring of its balance sheet, but noted the risk to shareholders of a “very significant dilution” of their interests. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru. Editing by Devika Syamanath, Kirsten Donovan and Mike Harrison Our Standards: The Thomson Reuters Trust Principles.

title: “Cineworld Shares Fall After Bankruptcy Filing Is In The Works Klmat” ShowToc: true date: “2022-10-26” author: “Paul Parker”

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It is expected to file for Chapter 11 in the US – WSJ Considers UK bankruptcy filing – WSJ Stocks down more than 80%

Aug 19 (Reuters) – Cineworld Group ( CINE.L ), the world’s second-biggest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, days after warning that a lack of blockbusters would hit liquidity of the short term. Cineworld declined to comment on the WSJ report. Shares in the London-listed company fell more than 81 percent to a record low of 1.8 pence after the WSJ said Cineworld was expected to file for Chapter 11 in the United States and was also considering insolvency proceedings in the United Kingdom. Sign up now for FREE unlimited access to Reuters.com Register In 2020, when the world was fighting the pandemic, Cineworld struggled to survive the coronavirus collapse in filmmaking and cinema, as the lockdown did not allow moviegoers to go outside. The company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, has seen a shortage of big-budget films that has reduced imports and dampened its chances of recovering from pandemic lows. read more Cinema chain operators have seen a decline as audiences have become addicted to streaming movies at home. “We have nothing to add beyond the statement we made on Wednesday,” a company spokesman said. Net debt stood at $8.9 billion, including lease obligations of $4.84 million, at the end of 2021, with cash and restricted cash of $354.3 million. Cineworld also faces payment obligations to former shareholders of Regal’s U.S. unit and a potential multimillion-dollar fine in a dispute with Canada’s Cineplex ( CGX.TO ). read more Refinitiv’s calculations give Cineworld a combined credit score of 1, indicating it is highly likely to default on its account next year. Cineworld has hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the WSJ reported, citing unnamed people familiar with the matter. AlixPartners declined to comment, while Kirkland & Ellis LLP did not immediately respond to a request for comment. Cineworld said on Wednesday it was in talks about a possible financing or restructuring of its balance sheet, but noted the risk to shareholders of a “very significant dilution” of their interests. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru. Editing by Devika Syamanath, Kirsten Donovan and Mike Harrison Our Standards: The Thomson Reuters Trust Principles.

title: “Cineworld Shares Fall After Bankruptcy Filing Is In The Works Klmat” ShowToc: true date: “2022-12-10” author: “Mary Fata”

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It is expected to file for Chapter 11 in the US – WSJ Considers UK bankruptcy filing – WSJ Stocks down more than 80%

Aug 19 (Reuters) – Cineworld Group ( CINE.L ), the world’s second-biggest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, days after warning that a lack of blockbusters would hit liquidity of the short term. Cineworld declined to comment on the WSJ report. Shares in the London-listed company fell more than 81 percent to a record low of 1.8 pence after the WSJ said Cineworld was expected to file for Chapter 11 in the United States and was also considering insolvency proceedings in the United Kingdom. Sign up now for FREE unlimited access to Reuters.com Register In 2020, when the world was fighting the pandemic, Cineworld struggled to survive the coronavirus collapse in filmmaking and cinema, as the lockdown did not allow moviegoers to go outside. The company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, has seen a shortage of big-budget films that has reduced imports and dampened its chances of recovering from pandemic lows. read more Cinema chain operators have seen a decline as audiences have become addicted to streaming movies at home. “We have nothing to add beyond the statement we made on Wednesday,” a company spokesman said. Net debt stood at $8.9 billion, including lease obligations of $4.84 million, at the end of 2021, with cash and restricted cash of $354.3 million. Cineworld also faces payment obligations to former shareholders of Regal’s U.S. unit and a potential multimillion-dollar fine in a dispute with Canada’s Cineplex ( CGX.TO ). read more Refinitiv’s calculations give Cineworld a combined credit score of 1, indicating it is highly likely to default on its account next year. Cineworld has hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the WSJ reported, citing unnamed people familiar with the matter. AlixPartners declined to comment, while Kirkland & Ellis LLP did not immediately respond to a request for comment. Cineworld said on Wednesday it was in talks about a possible financing or restructuring of its balance sheet, but noted the risk to shareholders of a “very significant dilution” of their interests. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru. Editing by Devika Syamanath, Kirsten Donovan and Mike Harrison Our Standards: The Thomson Reuters Trust Principles.