The world's second largest movie chain is filing for bankruptcy. So what does that mean for movie-goers?
Cineworld Group — the world’s second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. The British company, which owns more than 500 movie theaters across the United States, said that it commenced Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas to shed company debt.
” Greidinger added that the bankruptcy filing is “part of our ongoing efforts to strengthen our financial position and is in pursuit of a de-leveraging that will create a more resilient capital structure and effective business.” “This will allow us to continue to execute our strategy to reimagine the most immersive cinema experiences for our guests through the latest and most cutting-edge screen formats and enhancements to our flagship theatres,” he added.
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