Conditions are dimming at many movie theaters around the world.Cineworld Group PLC, one of the industry’s biggest theater operators, confirmed Monday that it’s considering filing for Chapter 11 bankruptcy protection in the U.S., as it contends with billions of dollars in debt and more empty seats in front of its screens than expected.
The British company, which owns Regal Cinemas in the United States and operates in 10 countries, said its theaters remain “open for business as usual” as it considers options for relief from its debt load. Cineworld said it expects to continue operating even after any potential filing, though its stock investors could face steep or total losses on their holdings.
Source: Cineworld considers bankruptcy as cinema struggles continue – WHEC.com