The world’s second biggest movie theater chain is in trouble

뉴스
Author
TAN
Date
2022-08-19 13:36
Views
177
The owner of Regal Cinemas is having a tough time — its stock crashed as much as 80% Friday after reports that its parent company is preparing to file for bankruptcy.

British company Cineworld Group has spoken to lawyers at Kirkland & Ellis LLP to advise on the bankruptcy process in the United States and United Kingdom, according to a report by the Wall Street Journal.

The stock has recovered slightly, but is still 60% below its price at the start of Friday trading.

Earlier this week, Cineworld said in a press release that, despite a “gradual recovery of demand” since last spring, admissions were below expectations.

The company blamed a limited roster of films for the lack of moviegoers, a situation it expects to continue until the end of November.

The chain, which owns more than 500 movie theaters across the US, is exploring how to reduce its debt obligations, which it warned would “likely result in very significant dilution of existing equity interests” for shareholders.

Cineworld has struggled to stay afloat during the pandemic, when it was forced to close its movie theaters worldwide. It suffered a $2.7 billion loss in 2020, and $566 million loss in 2021.

It is a similar story for other movie theaters. So far this year, revenues at the US box office are nearly 30% lower than before the pandemic, according to Comscore despite a big rebound, a media data company.

Cineworld declined to comment to CNN Business on the reports that it is considering filing for bankruptcy. Kirkland & Ellis LLP did not immediately respond to CNN Business’ request for comment.

Source: https://www.cnn.com/2022/08/19/media/regal-cinemas-financial-trouble/index.html
Total 742
Number Title Author Date Votes Views
Notice
뉴저지 한인회
지은 | 2017.06.25 | Votes 0 | Views 7856
지은 2017.06.25 0 7856
Notice
필라델피아 한인회
Jin | 2017.06.24 | Votes 0 | Views 14282
Jin 2017.06.24 0 14282
732
Japan Cabinet Satellite Intelligence Center (지금 3차 대전중)
미국 수사관 | 2022.10.02 | Votes 0 | Views 109
미국 수사관 2022.10.02 0 109
731
한국 입국 시 PCR 검사 폐지
천죠 | 2022.09.16 | Votes 0 | Views 195
천죠 2022.09.16 0 195
730
House GOP demands Meta’s communications with the FBI over Hunter Biden report
TAN | 2022.09.02 | Votes 0 | Views 116
TAN 2022.09.02 0 116
729
The University of Texas is offering a class on the songs of Taylor Swift
TAN | 2022.08.26 | Votes 0 | Views 122
TAN 2022.08.26 0 122
728
The world’s second biggest movie theater chain is in trouble
TAN | 2022.08.19 | Votes 0 | Views 177
TAN 2022.08.19 0 177
727
숙명여대 웹사이트에 ‘숙명민주동문회’ 김건희 논문 관련 현재 있나요?
미국 수사관 | 2022.08.13 | Votes 0 | Views 125
미국 수사관 2022.08.13 0 125
726
Rain pours into some Las Vegas casinos and floods streets in the wettest monsoon season in a decade
TAN | 2022.08.12 | Votes 0 | Views 297
TAN 2022.08.12 0 297
725
Robert, Gemma Riccardi unaccounted for after overnight fire at Morristown mansion, prosecutor says
TAN | 2022.08.05 | Votes 0 | Views 133
TAN 2022.08.05 0 133
724
Now should I worry about monkeypox? Our medical analyst explains
TAN | 2022.07.28 | Votes 0 | Views 251
TAN 2022.07.28 0 251
723
여기 사이트 관리 하시는 admin 기술 양반,
미국 수사관 | 2022.07.25 | Votes 0 | Views 192
미국 수사관 2022.07.25 0 192
722
West Virginia man, charged with beating sister who woke up from 2-year coma, dies
TAN | 2022.07.22 | Votes 0 | Views 154
TAN 2022.07.22 0 154
721
Webb photos we reveled in are also a stark reminder
PhillyKo | 2022.07.15 | Votes 0 | Views 149
PhillyKo 2022.07.15 0 149
720
작년 11월에 수사는 했는데, 또 다른 유형처럼 Live라고 올린 것이다. 기억들 하나?
미국 수사관 | 2022.07.01 | Votes 0 | Views 250
미국 수사관 2022.07.01 0 250
719
작년 11월에 수사는 바르게 했는데, 또 다른 유형처럼 Live라고 올린 것이다. 기억들 하나?
미국 수사관 | 2022.07.01 | Votes 0 | Views 170
미국 수사관 2022.07.01 0 170
718
Hackers steal over $600 million from video game Axie Infinity's Ronin network
PhillyKo | 2022.03.31 | Votes 0 | Views 413
PhillyKo 2022.03.31 0 413
717
Ukraine accepts dogecoin, other cryptocurrencies for donations as funding rises to $35 million
TAN | 2022.03.16 | Votes 0 | Views 466
TAN 2022.03.16 0 466
716
Biden administration set to extend travel mask mandate for another month
PhillyKo | 2022.03.10 | Votes 0 | Views 808
PhillyKo 2022.03.10 0 808
715
President Biden says the US is prepared to respond to Russian cyberattacks
TAN | 2022.02.24 | Votes 0 | Views 1739
TAN 2022.02.24 0 1739
714
Super Ball Corruption on air (TV)
미국 수사관 | 2022.02.14 | Votes 0 | Views 1165
미국 수사관 2022.02.14 0 1165
713
911 Covert Collision Exposure Vs Covid-19 fake decease team / World wide Dubs Evil club
미국 수사관 | 2022.02.11 | Votes 0 | Views 293
미국 수사관 2022.02.11 0 293
New
Advertisement banner 1600 X 175.

©2022 PhillyKo. All Rights Reserved. Developed by TAF JK Group, Inc.

About Us | AdvertisementTerms & Conditions

Translate »

Log in with your credentials

Forgot your details?