Cineworld Nears Move to File for Bankruptcy
Posted on 08/19/2022
London-based Cineworld Group plc is a British entertainment conglomerate based in London, England. It is the world’s second-largest cinema chain. GIC Private Limited once picked up a large stake in Cineworld back in early 2020.
Cineworld is preparing to file for bankruptcy within weeks, according to reports in The Wall Street Journal. Cineworld is working with lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process.
“Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations,” Cineworld said in a statement. “These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the Group’s liquidity position in the near term.”