Cineworld to file for administration as part of restructuring plan – Sky … – Reuters.com

June 13 (Reuters) – British cinema chain operator Cineworld (CINE.L) is preparing to file for administration as a part of a financial restructuring plan, Sky News reported on Tuesday.

The company is lining up AlixPartners to act as administrator to help with the transfer of ownership to its lenders, the report added.

An announcement is expected to be made by the end of next week, a source told Sky News.

Cineworld declined to comment to a Reuters request, while AlixPartners could not be immediately reached.

The insolvency process for the holding company will not impact Cineworld’s business operations, the Sky News report added.

In May, the world’s second largest movie theatre chain operator after AMC Entertainment (AMC.N), had said that it e…

Read the full article at: https://www.reuters.com/business/media-telecom/cineworld-file-administration-part-restructuring-plan-sky-news-2023-06-13/