Cineworld confirms mulling possible voluntary Chapter 11 filing in U.S.
Cineworld Group PLC confirmed on Monday that it is considering filing for a possible voluntary Chapter 11 filing in the U.S. as well as associated proceedings in other regions.
The London-based cinema company CINE, -58.27%, which owns Regal Cinemas, was responding to recent press speculation. On Friday, the Wall Street Journal reported that Cineworld was preparing to file for bankruptcy within weeks after struggling to rebuild movie-theater attendance from pandemic lows, citing people familiar with the matter.
Cineworld said Monday that any filing would be expected to give the company access to near-term liquidity and support a deleveraging deal. However, this would lead to a significant dilution for existing equity shareholders.
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