Omega Management logo

Cineworld ‘open for business’ as it considers US bankruptcy filing – business live | Business

Introduction: Cineworld considering filing for US bankruptcy

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

Troubled cinema chain Cineworld has confirmed that it is considering filing for bankrupcy protection in the United States, as it looks to restructure its balance sheet and raise extra funds.

In a statement to the City this morning, Cineworld says that its Cineworld and Regal theaters globally are open for business as usual while it considers various strategic options – including a possible voluntary Chapter 11 filing in the US, and similar measures in other jurisdictions.

The world’s second-largest cinema chain is struggling with near-term liquidity following the disruption of the pandemic, and a slower-than-hoped recovery in movie-going, which has left it with debts of more than $4.8bn (£4bn).

The cost of living crunch has added to the leisure industry’s woes, as…

Read more…