UK's Cineworld to file for administration as part of restructuring – Reuters.com

June 26 (Reuters) – British cinema chain operator Cineworld Group (CINE.L) on Monday said it will file for administration as part of a proposed restructuring plan.

The world’s second-largest movie theatre chain operator filed for U.S. bankruptcy protection in September, hoping to restructure its massive debt after being hit hard by the COVID-19 pandemic.

The owner of Regal in the United States and Picturehouse, Planet and Cinema City across Europe had scrapped plans to sell some or all its businesses after failing to find a buyer.

It instead opted for a restructuring plan that will wipe out existing shareholders’ equity.

The proposed restructuring will involve the release of about $4.53 billion of the group’s debt, the execution of a righ…

Read the full article at: https://www.reuters.com/business/media-telecom/uks-cineworld-file-administration-part-restructuring-2023-06-26/