The stricken cinema chain is lining up AlixPartners to act as administrator to its quoted holding company with an announcement likely to be made this week, Sky News understands.
Cineworld's London-listed holding company is preparing to file for administration as part of a comprehensive financial restructuring that will wipe out its shareholders.
Sky News understands that the multinational cinema operator is lining up AlixPartners to act as administrator to help effect a transfer of ownership to its lenders.Cineworld trades from 128 sites in the UK, according to a spokesman, employing thousands of people. Its British operations will not be impacted by the insolvency process for the holding company, insiders said.
The restructuring will reduce Cineworld's indebtedness by $4.5bn and be accompanied by an $800m rights issue to place the company on a sustainable financial footing, according to a statement in April. Cineworld has been in a Chapter 11 bankruptcy protection for months, a process it plans to exit shortly.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man arrested after boy, 12, fighting for life after being hit by a car in LondonA man has been arrested on suspicion of drug driving after a 12-year-old boy was hit by a car in east London. The boy, who is in a potentially life-threatening condition, was treated by paramedics and taken to a nearby hospital.
Read more »
Paul Scully fails to make London mayor shortlistThe shortlist was drawn up following interviews by a selection panel at Conservative party headquarters.
Read more »
London mayor: Paul Scully fails to make Conservative Party shortlistThe chosen Conservative candidate will go up against current Labour mayor Sadiq Khan at next May's election.
Read more »
Alleged Russian intelligence asset living in London with family under Homes for Ukraine scheme🔴 Exclusive 🧵 A Ukrainian fled his country to the UK at the start of Russia’s invasion His family joined him using the Homes For Ukraine scheme But US intelligence documents show he has long been suspected as an agent for Russian intelligence ⬇️
Read more »
‘Tangle Teaser’ sees artists unknot the power of hair at Sarabande Foundation, LondonLast chance to see: ‘Tangle Teaser’ at the Sarabande Foundation, as eight artists get to the root of hair and its power
Read more »
Cook For Ukraine Founders Olia Hercules & Alissa Timoshkina Launch The Ukraine Hub In LondonSign up for one of the summer’s chicest workshops, and support a good cause in the process.
Read more »