Cineworld to file for administration as part of restructuring plan – Sky News
1:27 pm Tuesday, June 13th, 2023
(Reuters) -British cinema chain operator Cineworld is preparing to file for administration as a part of a financial restructuring plan, Sky News reported on Tuesday.
The company is lining up AlixPartners to act as administrator to help with the transfer of ownership to its lenders, the report added.
An announcement is expected to be made by the end of next week, a source told Sky News.
Cineworld declined to comment to a Reuters request, while AlixPartners could not be immediately reached.
The insolvency process for the holding company will not impact Cineworld’s business operations, the Sky News report added.
In May, the world’s second largest movie theatre chain operator after AMC Entertainment, had said that it expects to emerge from Chapter 11 bankruptcy protection in July, adding that its proposed debt restructuring had the backing of most of its lenders.
The company had filed for U.S. bankruptcy protection in September hoping to restructure its massive debt.
(Reporting by Shreyaa Narayanan in Bengaluru; Editing by Shailesh Kuber)
