Cineworld screens stay open despite administration
Cineworld has said its screens will remain open despite the company planning to file for administration in the UK.
The company is planning to restructure the world’s second-largest cinema chain which will see its shares being suspended.
The company filed for bankruptcy protection in the US last year as it struggled with debts of $5bn.
Despite this, cinemas will remain open for business.
“Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration,” it said.
“The group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual.”
Cineworld plans to emerge from bankruptcy protection in July following the financial structuring, which will cut its debts by about $4.5bn and see $800m raised in fresh funds.
Cineworld was hit hard by the pandemic. It employs more than 28,000 people globally, and during lockdowns was forced to close for extended periods. Cinemas are also facing struggling under the continued rise of streaming services.