Cineworld, the second-largest theater exhibitor, looks like it has found a way to exit bankruptcy in July of this year.
Following a rough few years for exhibition companies, Cineworld – owner of Regal Cinemas in the U.S. – filed for bankruptcy protection in Sept. 2022. The company continued to find ways to exit the process, and even explored selling some or all of its assets. Following lower-than-expected offers, the company went back to trying to find another way out of it.
The new plan is said to supported by the companies holding around 99 percent of its legacy debt “and at least 69 percent of the outstanding indebtedness under the debtor-in-possession facility of Cineworld and certain of its subsidiaries.”
“During the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption,” the company said in a statement. “Cineworld and its brands around the world — including Regal, Cinema City, Picturehouse and Planet — are continuing to welcome customers to cinemas as usual. The group continues to honor the terms of all existing customer membership programs, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the U.K.”
The company is expected to go before the courts for final approval of its plans on June 12.