Cineworld, the 2nd largest cinema chain in the world, files for bankruptcy

Cineworld, the world’s second largest cinema chain, announced on Wednesday that it would file for bankruptcy in the United States, in order to restructure its liabilities and try to find new liquidity in the midst of the crisis in dark rooms. “Cineworld and some of its subsidiaries have started a procedure for bankruptcy protection in the Federal Bankruptcy Court for the Southern District of Texas,” according to a statement from the British group. The procedure will allow Cineworld “with the expected support of its secured creditors, to seek to implement debt reduction transactions to strengthen its accounts” and accelerate its strategy, adds the group in its press release published on the London Stock Exchange. British group benefits from liquidity of 1.94 billion dollars from its creditors to ensure the continuation of its activities during its reorganization, he specifies. Cineworld recalls that this restructuring will result, as it had already been announced, in a dilution of the value of its important shares, information which had caused the value of the action to collapse a few weeks ago. was worth just 4.29 pence on Wednesday, up 10% on the trading session. The title has collapsed by 87% since the beginning of the year.