Embattled cinema chain operator Cineworld Group on Monday said it will file for administration in Britain and suspend trading on the London Stock Exchange next month, as part of a restructuring plan to reduce its massive debt.
People walk past a Cineworld in Leicester's Square, amid the coronavirus disease outbreak in London, Britain, October 4, 2020. REUTERS/Henry Nicholls/File Photoon Monday said it will file for administration in Britain and suspend trading on the London Stock Exchange next month, as part of a restructuring plan to reduce its massive debt.
The company had disclosed a net debt of about $8.8 billion, according to its latest results at the time. The owner of Regal in the United States and Picturehouse, Planet and Cinema City across Europe had scrapped plans to sell some or all of its businesses after failing to find a buyer.Hit hard by the COVID-19 pandemic that shuttered cinemas and halted releases of blockbluster films, Cineworld also faced increased competition from streaming services.
However, the restructuring plan would still not provide for any recovery for its existing shareholders, Cineworld added.
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