Cineworld Cinema Chain Set To Declare Bankruptcy Within Weeks

Shares fell by two-thirds within minutes after Wall Street Journal reports that the world’s second-largest movie company has hired lawyers from Kirkland and Ellis, as well as consultants from AlixPartners, to advise on the bankruptcy process. Cineworld declined to comment. The reports cast uncertainty over the future of thousands of workers at its 127 UK cinemas. Cineworld employs approximately 28,000 people worldwide, with operations in 10 countries. Cineworld also owns the Picturehouse chain (PA) Philippa Childs, head of entertainment and media union Bectu, said: “This is very worrying news, particularly for the UK Cineworld and Picturehouse workforce who have already gone through a turbulent time during the pandemic. The UK film industry has suffered an incredible blow due to Covid-19 and this latest news will be very worrying for film workers. “We will do everything we can to support our members during this difficult time and look to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.” The reports come two days after Cineworld said it was evaluating options to shore up its finances after it blamed a “limited” run of films for weak audience numbers in recent months. The company, which also owns the Picturehouse chain in the UK and Regal cinemas in the US, had pinned its hopes on releases such as Top Gun: Maverick, The Batman and Thor: Love and Thunder to help its recovery from the heavy impact of the pandemic. However, the company told the London Stock Exchange on Wednesday: “Despite a gradual recovery in demand since reopening in April 2021, recent admission levels have been below expectations. These lower admission levels are due to a limited film schedule which is expected to continue until November 2022 and is expected to adversely affect the group’s trading and liquidity position in the near term.” The business, which had $4.8bn (£4bn) of debt at the end of the last financial year, said it was considering restructuring its balance sheet to protect its future. At the height of the pandemic, Cineworld temporarily closed its UK cinemas and put 5,500 workers on furlough.

title: “Cineworld Cinema Chain Set To Declare Bankruptcy Within Weeks Klmat” ShowToc: true date: “2022-12-14” author: “Grace Simpson”

Shares fell by two-thirds within minutes after Wall Street Journal reports that the world’s second-largest movie company has hired lawyers from Kirkland and Ellis, as well as consultants from AlixPartners, to advise on the bankruptcy process. Cineworld declined to comment. The reports cast uncertainty over the future of thousands of workers at its 127 UK cinemas. Cineworld employs approximately 28,000 people worldwide, with operations in 10 countries. Cineworld also owns the Picturehouse chain (PA) Philippa Childs, head of entertainment and media union Bectu, said: “This is very worrying news, particularly for the UK Cineworld and Picturehouse workforce who have already gone through a turbulent time during the pandemic. The UK film industry has suffered an incredible blow due to Covid-19 and this latest news will be very worrying for film workers. “We will do everything we can to support our members during this difficult time and look to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.” The reports come two days after Cineworld said it was evaluating options to shore up its finances after it blamed a “limited” run of films for weak audience numbers in recent months. The company, which also owns the Picturehouse chain in the UK and Regal cinemas in the US, had pinned its hopes on releases such as Top Gun: Maverick, The Batman and Thor: Love and Thunder to help its recovery from the heavy impact of the pandemic. However, the company told the London Stock Exchange on Wednesday: “Despite a gradual recovery in demand since reopening in April 2021, recent admission levels have been below expectations. These lower admission levels are due to a limited film schedule which is expected to continue until November 2022 and is expected to adversely affect the group’s trading and liquidity position in the near term.” The business, which had $4.8bn (£4bn) of debt at the end of the last financial year, said it was considering restructuring its balance sheet to protect its future. At the height of the pandemic, Cineworld temporarily closed its UK cinemas and put 5,500 workers on furlough.

title: “Cineworld Cinema Chain Set To Declare Bankruptcy Within Weeks Klmat” ShowToc: true date: “2022-11-17” author: “Leroy Caballero”

Shares fell by two-thirds within minutes after Wall Street Journal reports that the world’s second-largest movie company has hired lawyers from Kirkland and Ellis, as well as consultants from AlixPartners, to advise on the bankruptcy process. Cineworld declined to comment. The reports cast uncertainty over the future of thousands of workers at its 127 UK cinemas. Cineworld employs approximately 28,000 people worldwide, with operations in 10 countries. Cineworld also owns the Picturehouse chain (PA) Philippa Childs, head of entertainment and media union Bectu, said: “This is very worrying news, particularly for the UK Cineworld and Picturehouse workforce who have already gone through a turbulent time during the pandemic. The UK film industry has suffered an incredible blow due to Covid-19 and this latest news will be very worrying for film workers. “We will do everything we can to support our members during this difficult time and look to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.” The reports come two days after Cineworld said it was evaluating options to shore up its finances after it blamed a “limited” run of films for weak audience numbers in recent months. The company, which also owns the Picturehouse chain in the UK and Regal cinemas in the US, had pinned its hopes on releases such as Top Gun: Maverick, The Batman and Thor: Love and Thunder to help its recovery from the heavy impact of the pandemic. However, the company told the London Stock Exchange on Wednesday: “Despite a gradual recovery in demand since reopening in April 2021, recent admission levels have been below expectations. These lower admission levels are due to a limited film schedule which is expected to continue until November 2022 and is expected to adversely affect the group’s trading and liquidity position in the near term.” The business, which had $4.8bn (£4bn) of debt at the end of the last financial year, said it was considering restructuring its balance sheet to protect its future. At the height of the pandemic, Cineworld temporarily closed its UK cinemas and put 5,500 workers on furlough.

title: “Cineworld Cinema Chain Set To Declare Bankruptcy Within Weeks Klmat” ShowToc: true date: “2022-11-03” author: “Michael Wease”

Shares fell by two-thirds within minutes after Wall Street Journal reports that the world’s second-largest movie company has hired lawyers from Kirkland and Ellis, as well as consultants from AlixPartners, to advise on the bankruptcy process. Cineworld declined to comment. The reports cast uncertainty over the future of thousands of workers at its 127 UK cinemas. Cineworld employs approximately 28,000 people worldwide, with operations in 10 countries. Cineworld also owns the Picturehouse chain (PA) Philippa Childs, head of entertainment and media union Bectu, said: “This is very worrying news, particularly for the UK Cineworld and Picturehouse workforce who have already gone through a turbulent time during the pandemic. The UK film industry has suffered an incredible blow due to Covid-19 and this latest news will be very worrying for film workers. “We will do everything we can to support our members during this difficult time and look to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.” The reports come two days after Cineworld said it was evaluating options to shore up its finances after it blamed a “limited” run of films for weak audience numbers in recent months. The company, which also owns the Picturehouse chain in the UK and Regal cinemas in the US, had pinned its hopes on releases such as Top Gun: Maverick, The Batman and Thor: Love and Thunder to help its recovery from the heavy impact of the pandemic. However, the company told the London Stock Exchange on Wednesday: “Despite a gradual recovery in demand since reopening in April 2021, recent admission levels have been below expectations. These lower admission levels are due to a limited film schedule which is expected to continue until November 2022 and is expected to adversely affect the group’s trading and liquidity position in the near term.” The business, which had $4.8bn (£4bn) of debt at the end of the last financial year, said it was considering restructuring its balance sheet to protect its future. At the height of the pandemic, Cineworld temporarily closed its UK cinemas and put 5,500 workers on furlough.