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Cineworld Files for Bankruptcy in Bid to Cut $5 Billion Debt (1)

Sept. 7, 2022, 4:22 PM

Cineworld Group Plc filed for bankruptcy in Texas in an effort to tame its $5 billion debt pile.

The UK-based movie theater chain, which draws most of its revenues from the US after the acquisition of Regal Cinemas in 2018, filed for Chapter 11 protection on Wednesday. Chapter 11 bankruptcy allows a company to continue operating while it works out a plan to repay creditors.

Cineworld has commitments for $1.94 billion of bankruptcy financing lined up from existing secured lenders, the company said in a statement. The company’s management and board of directors will remain in control of ...