A HUGE cinema chain has given a major update on its future after filing for bankruptcy.
Cineworld has ditched plans to sell its businesses outside the UK, US and Ireland.
AlamyCineworld has ditched plans to sell its businesses outside of the UK, US and Ireland[/caption]
This includes its cinemas in Eastern Europe and Israel, known as its “rest of the world division”.
It comes after the business said it will raise $2.26billion (£1.8 billion) in new funding as part of a plan to exit bankruptcy.
The move means the world’s second-biggest cinema group has scrapped plans to sell its UK, US and Ireland businesses.
The group, which runs around 750 sites globally, filed for bankruptcy in the US last year.
At the time, the future of the chain’s 129 UK and Irish cinemas looked to be at risk.
It launched a process to find a potential buyer but after struggling to find an acceptable offer, has halted sale efforts.
Instead, it will now restructure its roughly $5billion debt pile to emerge from bankruptcy during the first half of 2023.
That will see it borrowing an additional $1.46billion (£1.2 billion) in new credit, and provide $800million (£651 million) of equity to its lenders.
Cineworld has insisted that the debt restructuring will not affect its 750 cinemas globally, saying it will be “business as usual” across the sites.
It said: “Cineworld and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual.
“The group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the United Kingdom.”
However, shareholder investments will not be rescued under the restructuring package.
The company’s shares have plummeted by more than 99% over the past five years.
It came after the company was hit hard by the coronavirus pandemic and was forced to close some of its cinemas.
The firm operates 103 cinemas under the Cineworld brand across the UK and the Republic of Ireland:
Aberdeen – Queens LinksAberdeen – Union SquareAldershotAshfordAshton-under-LyneBarnsleyBasildonBedfordBelfastBirmingham – Broad StreetBirmingham – NECBoldon Tyne and WearBoltonBracknellBradfordBraintreeBrightonBristolBroughtonBurton upon TrentBury St EdmundsCardiffCastlefordCheltenhamChesterfieldChichesterCrawleyDalton ParkDidcotDidsburyDoverDundeeEastbourne at The BeaconEdinburghElyFalkirkGlasgow – ParkheadGlasgow – Renfrew StreetGlasgow – SilverburnGloucester QuaysHarlow – Harvey CentreHarlow – QueensgateHaverhillHemel HempsteadHigh WycombeHinckleyHullHuntingdonIpswichLeeds – White RoseLeighLlandudnoLondon – BexleyheathLondon – EnfieldLondon – FelthamLondon – HounslowLondon – IlfordLondon – Leicester SquareLondon – South RuislipLondon – The O2 GreenwichLondon – WandsworthLondon – WembleyLondon – West India QuayLondon – Wood GreenLoughboroughLutonMiddlesbroughMilton KeynesNewcastle upon TyneNewport – Friars WalkNewport – Isle of WightNewport – Spytty ParkNorthamptonNottinghamPlymouthPooleRochesterRugbyRuncornRushden LakesSheffieldShrewsburySolihullSpekeStevenageSt HelensSt NeotsStoke-on-TrentSwindon – Regent CircusSwindon – Shaw RidgeTelfordWakefieldWarringtonWatfordWeston-super-MareWeymouthWhiteleyWitneyWolverhamptonYateYeovilYorkDublin
Cineworld also operates a further 26 cinemas under the Picturehouse brand:
AshfordBath – Little Theatre CinemaBrighton – Duke of York’sBrighton – Duke’s at KomediaCambridge – ArtsEdinburgh – CameoExeterHenley-on-Thames – RegalLiverpool – FactLondon – BromleyLondon – ClaphamLondon – Crouch EndLondon – East DulwichLondon – Finsbury ParkLondon – Fulham RoadLondon – GreenwichLondon – HackneyLondon – Picturehouse CentralLondon – RitzyLondon – StratfordLondon – The GateLondon – West NorwoodNorwich – Cinema CityOxford – PhoenixSouthampton – Harbour LightsYork – City Screen
Cineworld will also open three new Picturehouse cinemas in Chester, Ealing and Epsom.