The world’s second largest biskop chain is preparing for BANKRUPTCY

The world’s second largest biskop chain is preparing for BANKRUPTCY

The owner of Regal Cinemas is having a hard time. His actions fell as much as 80 percent on Friday after reports that its parent company was preparing to file for bankruptcy.

The British company Cineworld Group has spoken with lawyers to advise them about the bankruptcy process in the United States and the United Kingdom, according to a report by the Wall Street Journal.

Shares have recovered slightly, but are still 60 percent below their early trading price on Friday.

Earlier this week, Cineworld said in a press release that despite a “gradual recovery in demand” since last spring, admissions were below expectations.

Bisokop, bankrupt (Unsplash)

Cineworld will not comment on the bankruptcy

The company blamed a limited list of films for the lack of viewers, and expects this situation to continue until the end of November.

The chain, which owns more than 500 cinema across the US, is exploring how to reduce its debt obligations, which it warned would “likely lead to very significant dilution of existing equity holdings” for shareholders.

Cineworld struggled to stay afloat during the pandemic, when it was forced to close its cinemas around the world. It suffered a loss of $2.7 billion in 2020 and $566 million in 2021.

It is a similar story with other cinemas. So far this year, U.S. box office receipts are nearly 30 percent lower than before the pandemic despite a major recovery, according to media data firm Comscore.

Cineworld declined to comment for CNN Business reports that he is considering filing for bankruptcy.

Source: BIZLife

Photo: Unsplash

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