(Reuters) – Cineworld, the world’s second-largest cinema chain operator, stated on Tuesday it had filed a plan of reorganisation with the U.S. Chapter Courtroom for the Southern District of Texas, Houston Division.
The corporate had positioned a majority of its enterprise below U.S. Chapter 11 chapter safety in September.
The event comes every week after the operator dropped plans to promote its companies in the US, the UK, and Eire after it did not discover a purchaser, and proposed a brand new debt deal.
The proposed restructuring doesn’t present for any restoration for holders of its present fairness pursuits, the struggling cinema chain stated on Tuesday.
Cineworld, which expects to emerge from Chapter 11 is the primary half of 2023, additionally stated any sale transaction ensuing from the advertising and marketing course of could delay emergence past the primary half.
(Reporting by Radhika Anilkumar in Bengaluru; enhancing by Uttaresh Venkateshwaran)
