Cinema chain Cineworld plans to raise $2.3bn to exit bankruptcy
Cineworld says it plans to raise $2.26bn in new funding as the struggling cinema chain aims to emerge from bankruptcy.It has been trying to restructure its $5bn of debt after being hit hard by lockdowns and a lack of big movie releases due to the pandemic.The proceeds of the capital raising will be used to fund the turn around of the business including costs related to the restructuring its debts, Cineworld said in a filing with the US bankruptcy court in the Southern District of Texas.
Cineworld's operations span 10 countries - including the UK, the US, Poland and Israel - with approximately 30,000 employees worldwide.Many cinemas were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules. Cinemas have also been facing tough competition from streaming services, which soared in popularity during the lockdowns.
Cineworld subsequently signed a deal with Warner Bros to show films in theatres before they are streamed.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dying Leeds woman told witnesses that husband pushed her off hill court hearsKashif Anwar is accused of murdering Pudsey-born Fawziyah Javed in September 2021
Read more »
Family of a GMP cop who spent 18 months in hospital 'overhwlmed' by supportFamily of a GMP cop who spent 18 months in hospital after severe stroke take another step towards dream
Read more »
Man who shot and killed bird of prey on Scots country estate fined £1,500Roy Parker admitted to killing the Sparrowhank on the Moy Estate, south of Inverness in September 2021.
Read more »
The safest areas of Nottinghamshire detailed in new crime dataIn the year ending in September 2022, a total of 103,599 crimes were committed across the county
Read more »
Colour run helps raise more than £25k for charityMore than 700 runners spent Saturday morning being doused in colour as they helped raise what could be up to £30,000 for charity.
Read more »