Cineworld Cinema Company suspends operations
Dublin: The Cineworld cinema company, which is in financial trouble due to debt obligations, has ceased operations in Ireland, the United Kingdom, and the United States. However, the company indicates that the auctions in other countries will continue.
The film company was in crisis due to the pandemic. It had led to the closure of movie sites. In the last five years, Cineworld’s stock has dropped by 99 percent.
Cineworld owns the Picturehouse chain in the United Kingdom. The company had been in the process of selling itself since earlier this year, and the sale of businesses in the UK, US, and Ireland is believed to have been halted. The move is part of raising $2.26 billion in new funding.
The group, which has about 750 sites worldwide, filed for bankruptcy protection in the U.S. last year. To avoid bankruptcy, the company said it would restructure about $5 billion in debt obligations.
During the current crisis, the company plans to provide lenders with approximately $1.46 billion in new credit and $800 million in equity.
“With the growing number of blockbusters and growing audiences, Cineworld hopes to continue to deliver great movie experiences,” said Chief Executive Mooky Greidinger.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.