Movie theater operator Cineworld Group LLC, owner of Regal Cinemas, has filed for Chapter 11 bankruptcy protection in the U.S. as it deals with billions of dollars in debt and lower-than-expected attendance at screenings.
“The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and a huge disruption to film schedules that has led us to this point,” CEO Mooky Greidinger said in a statement.
The company, which owns Regal Cinemas in the U.S, and its subsidiaries have commitments for an approximate $1.94 billion debtor-in-possession financing facility from existing lenders, which will help ensure Cineworld’s operations continue as usual while it undergoes a reorganization.Last month the British company, said its theaters remained “open for business as usual” as it considered options for relief from its debt load.
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