Cineworld preparing to file for bankruptcy after pandemic rout

London-listed company, which operates 751 sites in 10 countries, has run up debts of more than 4bn

Cineworld, the world's second largest cinema chain, is preparing to file for bankruptcy after failing to see a quick enough recovery in movie-going since the end of the pandemic.

The London-listed business, which has run up debt of more than $4.8bn (4bn) after losses soared while cinemas were shut during the global coronavirus crisis, has hired lawyers from Kirkland & Ellis and consultants from restructuring experts AlixPartners to advise on the process.