The company that operates Regal cinemas throughout
The
Cineworld's Chapter 11 filing will "strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalize on, Cineworld's strategy in the cinema industry," the company said in a statement.
"Cineworld currently anticipates emerging from Chapter 11 during the first quarter of 2023 and is confident that a comprehensive financial restructuring is in the best interests of the group and its stakeholders, taken as a whole, in the long term," the company said.
The COVID-19 pandemic forced theaters around the world to close and cost Cineworld
In October, Cineworld closed hundreds of its Cineworld, Regal and Picturehouse movie theaters in
While movie theater attendance rebounded early this summer with hits like "Top Gun: Maverick" and "Jurassic Park: Dominion," admission levels dropped again in August with few new releases and many features going straight to streaming.
In August, the debt-laden Cineworld warned its admission levels had dropped below expectations.
"The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point,"
As part of its restructuring, Cineworld plans to "pursue a real estate optimization strategy in
"This will allow us to continue to execute our strategy to reimagine the most immersive cinema experiences for our guests through the latest and most cutting-edge screen formats and enhancements to our flagship theaters," Greidinger said.
"Our goal remains to further accelerate our strategy so we can grow our position as the best place to watch a movie."
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