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Cineworld to file for administration in the UK

Home> News

Updated 09:09 26 Jun 2023 GMT+1Published 08:37 26 Jun 2023 GMT+1

Cineworld to file for administration in the UK

The brand previously filed for bankruptcy in the US late last year - with the news another blow for movie buffs.

Katherine Sidnell

Katherine Sidnell

After almost 30 years of running the nation's big screens, Cineworld has filed for administration.

The business will undergo major restructuring in the coming months, and will even have it's stock frozen as a result.

It's a huge blow for movie lovers as the brand is among the world's largest cinema chains.

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Despite this, the group has promised the move will not affect the British operation of the business.

This means that other parts of the cinema chain including Regal, Cinema City, and Picturehouse should remain open will the restructuring happens.

Currently, Cineworld has debts close to $5 billion (£3.9b) and it is hoped that the process will help the film firm exit bankruptcy.

Cineworld has filed for administration.
Roberto Herrett / Alamy Stock Photo

It is also hoping to secure $80 million (£628m) in a new rights deal, as well as an additional $1.46 billion (£1.1b) with new debt financing as it rebuilds the business.

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Globally, the brand has 751 sites - with around 128 of these based in the UK and Ireland alone. It also has branches in Israel, the United States and large parts of Eastern Europe.

Sadly, it's still unclear what will happen to these parts of Cineworld as it undergoes major restructuring.

The brand previously filed for Chapter 11 bankruptcy in the US back in September 2022.

When this was announced, Chief Exec Mooky Greidinger gave a statement which read: "This agreement with our lenders represents a ‘vote-of-confidence’ in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment.”

It continued: "With a growing slate of blockbusters and audiences returning to cinemas in increasing numbers, Cineworld is poised to continue offering moviegoers the most immersive cinema experiences and maintain its position as the ‘best place to watch a movie’."

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The news is a bitter blow to movie buffs.
Mark Waugh / Alamy Stock Photo

Despite this, the brand remains hopeful it can overturn its current debt issues and it's hoped that Cineworld will exit bankruptcy next month after restructuring its debts and liquidating some assets.

However, last month the brand abandoned plans to sell off its US, UK and Irish business after failing to find a suitable offer.

Like other cinema chains, the London-based business was hit hard by Covid-19 and has struggled to recover after it reopened.

However, it's hoped that this summer's blockbusters like Oppenheimer, Barbie and Mission Impossible will give a much need boost to the entire industry as it goes head to head with streaming sites.

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LADbible has contacted Cineworld for a statement.

Featured Image Credit: Roberto Herrett / Alamy Stock Photo/ Mark Waugh / Alamy Stock Photo

Topics: UK News

Katherine Sidnell
Katherine Sidnell

Katherine is an entertainment journalist with a love of all things nerdy. Starting out writing Doctor Who fan fiction as a kid, she has gone on to interview the likes of Matt Damon, James May and Dua Lipa to name a few. Published in The Sun, The Daily Mail and Evening Standard - she now joins Ladbible as resident nerd in chief.

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@ksidnell

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