Cineworld confirms it is looking at filing for bankruptcy in US
by Kalyeena Makortoff from US news | The Guardian on (#62RP4)
Chain, which accumulated 4bn debt in pandemic, says cinemas would stay open and staff be unaffected
Cineworld has confirmed it is considering filing for bankruptcy in the US after accumulating 4bn in debt during the coronavirus pandemic but assured moviegoers and staff that its cinemas would continue operating even as it tries to restructure its balance sheet.
The world's second-largest cinema chain has struggled after failing to experience a quick enough recovery in the wake of the Covid-19 outbreak, which forced most of its sites to close during lockdowns. It reported a $708m (598m) loss last year, and accumulated $4.8bn (4bn) in debts while cinemas were shut.
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