Cineworld, the world’s second-largest movie theater chain, filed for bankruptcy protection in the United States on Sept. 7, after facing low audience numbers post-pandemic and massive debts.
The United Kingdom-based cinema operator filed for a Chapter 11 filing to allow it time to restructure its debt and maintain operations, which will cover its U.S., U.K., and Jersey operations, where most of its business is located.
Cineworld expects to emerge from Chapter 11 protection during the first quarter of 2023, and will continue to pay all its vendors in full and its 45,000 employees.
“Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees,” it said in its bankruptcy filing….