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Cineworld is set to file for bankruptcy

Cineworld is set to file for bankruptcy

Cineworld is set to file for bankruptcy.

Cineworld Group Plc is set to file for bankruptcy.

The Wall Street Journal has reported that the Cineworld Group, which is the second largest cinema business across the globe, is preparing to file for bankruptcy.

The group is planning to continue the legal proceeding after reportedly struggling with empty seats in all its venues since the pandemic, according to sources concerned with the matter.

On Wednesday, Cineworld said it had a gradual increase in attendance at its screening venues since it reopened last year, but admissions in recent moments have dropped to below expected due to a 'limited film slate'.

Cineworld Group Plc is set to file for bankruptcy.
Andrew Hasson/Alamy Stock Photo

The London-based cinema chain found itself in a similar situation in 2020, having nearly filed for bankruptcy due to Covid-19 restrictions.

The chain was given assistance from creditors while nearly 800 theatres were closed during the pandemic.

The British cinema business is now working with lawyers from Kirkland & Ellis LLP as well as consultants from AlixPartners to assist on the bankruptcy process, according to insiders.

The brand is expected to file a chapter 11 petition in the US, as well as considering to file an insolvency proceeding in the UK according to insiders.

The group has struggled with empty seats in all its venues since the pandemic.
Euan Cherry/Alamy Stock Photo

This process would formally signify that the organisation is no longer able to meet its financial commitments or pay its debts.

Cinemagoers have taken to social media to share their sadness, with one person writing: "RIP Cineworld. That's what happens when the only films released now are Marvel and/or three hour nonsense."

"If you dare close down my local cineworld I’ll genuinely be p*****," another Twitter user stated, while someone else added: "Nooo. Cineworld Wandsworth is one of my favourite places on earth."

It is not yet clear what will happen with each of the 751 Cineworld cinemas across the world.

LADbible has contacted a representative of Cineworld for a comment.

While viewers continue to watch the latest films on streaming platforms, one site has admitted it may remove a much-needed feature.

Being able to download films and series on Netflix is a lifesaver when subscribing to the streaming site, especially when preparing for a long journey or flight.

But now, it seems the streamer could be scrapping the option for those on its cheaper, ad-supported plan - which is expected to be rolled out at some point next year.

Featured Image Credit: Matthew Horwood/J Hayward/Alamy Stock Photo

Topics: News, World News, UK News