The company added that it could raise about $2 billion in funding from existing lenders to continue operations. “Throughout this process, Cineworld intends to operate its global business and cinemas as normal,” Cineworld said in its filing.
Cineworld CEO Mooky Greidinger said in a statement Wednesday: “The pandemic has been an incredibly difficult time for our business, and the forced closure of movie theaters and significant disruption to movie schedules have brought us to this point.”
Greidinger added that the bankruptcy filing is “part of our ongoing effort to strengthen our financial position, as we pursue deleveraging to create a more resilient capital structure and effective business.” .
“This will allow us to continue executing on our strategy of reimagining the most immersive cinematic experience for our guests through the latest and most advanced screen formats and enhancements to our flagship theaters,” he added. Our goal is to further accelerate our strategy and enhance our position as ‘the best place to watch movies’.”
The economics of theaters have improved, but they are still far from returning to normal.
— Mark Thompson and Anna Cooban contributed to the report.