Bankruptcy news: Bankruptcy company Regal Cinemas shares fall 80% – the world’s second biggest movie theater chain is in trouble considering bankruptcy

Regal Cinemas, the world’s second largest theater chain, is under threat. Its parent company is preparing to file for bankruptcy. The company had a loss of $ 2.7 billion in 2020. The company is heavily indebted and its avenues to get back on track are getting closed.

regal-cinemas

Highlights

  • World’s second largest theater chain Regal Cinemas at risk
  • Its parent company is on the verge of bankruptcy.
  • The company had a loss of $ 2.7 billion in 2020
New Delhi: The shadow of recession is looming over the world. Meanwhile, the company that runs Regal Cinemas, the world’s second largest theater chain, is on the verge of bankruptcy. According to media reports, its parent company Cineworld Group of Britain has prepared to file for bankruptcy. The company’s shares fell up to 80 percent on Friday due to this news. According to a report in the Wall Street Journal, the company has spoken to lawyers from law firm Kirkland & Ellis LLP to advise on the bankruptcy process in the US and UK.

Although the company’s shares showed some improvement later, they are still down 60 per cent from the previous session. Earlier recently, Cineworld had said that there has been some recovery in demand compared to last year but it is still not as expected. The company had said that a limited number of films are being released and this situation is likely to continue till November. The chain has over 500 theaters in the US. The company says that it is taking all possible measures to reduce its debt.

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Corona broke back
During the Corona epidemic, the company had to close its theaters around the world. Due to this, the company had a loss of $ 2.7 billion in 2020. In 2021 too, the company had a loss of $566 million. Same is the case with other movie theaters. US box office revenue this year has been about 30 percent lower than before the pandemic. Cineworld declined to comment on whether it was considering applying for bankruptcy.

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Web Title: Hindi News from Navbharat Times, TIL Network

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