Entertainment
Regal owner Cineworld considers major restructuring options after bankruptcy
Cineworld, owner of Regal Entertainment Group, looks set to close around a quarter of its UK cinemas as part of a post-bankruptcy restructuring plan.
“We continue to review our options, but we do not comment on rumours and speculation,” a Cineworld spokesperson said. The Hollywood Reporter in a statement. The company responded to a report In the UK, Sky News reported that the cinema operator was looking to close around 25 of its UK cinemas and renegotiate rental costs with the owners of 50 other sites.
Cineworld owns around 100 cinemas in the UK and plans to submit its restructuring plans to UK creditors soon. The multiplex operator is weighing its options after a trio of shocks: the closure of cinemas during the pandemic, the entry and exit of Chapter 11 bankruptcy protection in the US and, most recently, the impact of two strikes on its supply of blockbuster films from major studio suppliers.
The British-based company saw its stock price plummet at the height of the pandemic and weighed down by $5 billion in debt, prompting the restructuring of the U.S. business. The second-largest movie theater chain behind AMC Theatres has recovered well from its pandemic-era pit, having significantly reduced its debt load as it tries to capitalize on the Hollywood box office recovery.
According to the Sky News report, if landlords do not reduce rental costs on around 50 cinemas to shore up Cineworld's UK balance sheet, further cinema closures would be an option.
For its restructuring in the United Kingdom, Cineworld turned to Alix Partners, which advised the company during the company’s restructuring in the United States during the pandemic. This process included obtaining rent reductions for Regal multiplexes, closing loss-making sites and, ultimately, managing Chapter 11 proceedings across the Atlantic.
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Sources 2/ https://www.hollywoodreporter.com/business/business-news/regal-owner-restructure-post-bankruptcy-1235939396/ The mention sources can contact us to remove/changing this article |
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