Movie show operator Cineworld Group has filed for Chapter 11 chapter safety within the U.S. because it offers with billions of {dollars} in debt and lower-than-expected attendance at screenings.
The corporate and its subsidiaries have commitments for an approximate $1.94 billion debtor-in-possession financing facility from current lenders, which can assist guarantee Cineworld’s operations proceed as common whereas it undergoes a reorganization.
“Importantly, it is a course of which is particularly designed to permit us to proceed working our enterprise and theatres as regular with out interruption whereas we search to strengthen our monetary place,” Cineworld CEO Mooky Greidinger stated in a press release. “We proceed to welcome our friends to cinemas all over the world, which won’t change in the course of the Chapter 11 circumstances, and count on that every one membership applications, together with Regal Limitless and Regal Crown Membership in the US and Cineworld Limitless, ought to proceed as common.”
The father or mother of Regal Cinemas beforehand stated admissions have been beneath expectations and a “restricted movie slate” additional threatened its operations.
Massachusetts has Regal theaters in Boston, Bellingham, Hyannis, Kingston, Marlboro, Mashpee and Springfield. In New Hampshire, Regal will be present in Harmony, Hookset and Newington.
