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Cineworld drops more than 50% on bankruptcy report
Yahoo Finance
Cineworld drops more than 50% on bankruptcy report
Alexandra Canal · Senior Reporter
Fri, August 19, 2022 at 9:49 AM
Britain's Cineworld Group (CINE.L), the parent company of Regal Cinemas, is preparing to file for bankruptcy after struggling to climb back from pandemic lows, according to The Wall Street Journal. ... Share plunged on the news, down more than 50% in early morning trading.
The report added that the company, which acts as world’s second largest cinema chain, has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process.
It is expected to file a chapter 11 petition in the United States and is considering filing an insolvency proceeding in the U.K.
Cineworld did not immediately respond to Yahoo Finance's request for comment.
Cineworld drops more than 50% on bankruptcy report
Alexandra Canal · Senior Reporter
Fri, August 19, 2022 at 9:49 AM
Britain's Cineworld Group (CINE.L), the parent company of Regal Cinemas, is preparing to file for bankruptcy after struggling to climb back from pandemic lows, according to The Wall Street Journal. ... Share plunged on the news, down more than 50% in early morning trading.
The report added that the company, which acts as world’s second largest cinema chain, has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process.
It is expected to file a chapter 11 petition in the United States and is considering filing an insolvency proceeding in the U.K.
Cineworld did not immediately respond to Yahoo Finance's request for comment.