Ch. 11 Checklist: Cineworld Group

By Rick Archer (September 8, 2022, 6:43 p.m. EDT) — Cineworld Group PLC, the world’s second-largest movie theater chain, filed for Chapter 11 protection in a Texas bankruptcy court on Wednesday, saying it was looking for a debt-for-equity exchange after the COVID-19 pandemic fatally injured the company.

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The UK-based company, which operates 747 cinemas in 10 countries, said it was down to $4 million in cash as of the filing date and would seek to refinance $1 billion in debt, swap debt for equity and to reject or renegotiate leases for its U.S. theaters.

Reasons for Filing for Chapter 11 Protection

Revenue plunge due to COVID-19 cinema closures and…

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