Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Cineworld to close dozens of cinemas in bold restructuring plan

by July 7, 2024
July 7, 2024
Cineworld to close dozens of cinemas in bold restructuring plan

Cineworld is preparing to close approximately a quarter of its 100 British multiplexes as part of a sweeping restructuring initiative, which also involves negotiating significant rent cuts at 50 additional locations. The remaining 25 sites are expected to remain unaffected.

The multiplex giant, which was delisted from the London Stock Exchange last year, plans to formally present these proposals to creditors, including landlords, in the coming weeks. Sources indicate that the restructuring will likely utilise a restructuring plan rather than a company voluntary arrangement (CVA).

A Cineworld spokesperson responded to inquiries stating, “We continue to review our options but we don’t comment on rumours and speculation.”

This development follows reports from Sky News last month, highlighting Cineworld’s initial discussions about a potential sale, which subsequently transitioned into a formal restructuring process. AlixPartners is advising the company through this process.

Should a sufficient number of landlords reject the proposed terms, other cinema operators are anticipated to take over some of Cineworld’s sites. Cineworld operates over 100 sites in Britain, including the Picturehouse chain, and employs thousands of people, although specific numbers remain unconfirmed.

Under the leadership of the Greidinger family, Cineworld expanded significantly, acquiring Regal in the US in 2018 and the British company of the same name four years earlier. However, the company faced a crisis due to its multibillion-dollar debt, leading to Chapter 11 bankruptcy protection in 2022 and delisting from the London Stock Exchange last August as its share price plummeted.

A restructuring deal last year saw several billion dollars of debt exchanged for shares and new investments from a group of hedge funds and other investors. Since emerging from bankruptcy protection, Cineworld has appointed a new leadership team, with Eduardo Acuna, former head of Cinepolis’s operations in the Americas, as CEO and Eric Foss, a former Pepsi executive, as chairman.

Cineworld also operates in central and Eastern Europe, Israel, and the US. The restructuring comes as the UK box office anticipates major summer releases, including “Despicable Me 4,” “A Quiet Place: Part One,” and “Alien: Romulus.”

Read more:
Cineworld to close dozens of cinemas in bold restructuring plan

0
FacebookTwitterGoogle +Pinterest
previous post
Bizzed Wins BBT Award at Solana’s SuperTeam Competition
next post
Safeguarding your wealth: Strategies to navigate potential labour tax changes

You may also like

RMT votes to accept Network Rail pay offer

March 21, 2023

How AI Is Making the Internet a Safer...

August 18, 2023

Nick Clegg quits Meta after selling nearly $19m...

January 5, 2025

Non-dom tax breaks being reviewed by the Treasury...

November 4, 2022

Richard Caring set to sell the Ivy in...

September 7, 2024

Think tank says tax cars based on their...

July 18, 2023

UK rail passengers warned of severe disruption into...

December 27, 2022

Consumer confidence slumps to year-low as households brace...

January 24, 2025

The Untapped Potential of Scaling Internationally for UK...

May 14, 2024

Unions seek £200m from ministers to safeguard Scunthorpe...

February 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Chief Justice Roberts sounds alarm on dangerous rhetoric aimed at judges from politicians

      June 29, 2025
    • Britain’s fastest-growing firms revealed for 2025: Dfyne, Nala’s Baby and Hawkstone lead the charge

      June 29, 2025
    • Schumer to force Senate reading of Trump’s entire ‘big, beautiful bill’

      June 28, 2025
    • Rubio condemns Iran’s ‘unacceptable’ threats against IAEA director

      June 28, 2025
    • Key blue state Republican says Senate’s local tax write-off offer is a ‘good deal’

      June 28, 2025
    • Key GOP senator defects on crucial vote, imperiling Trump’s ‘big, beautiful bill’ in narrow majority

      June 28, 2025

    Categories

    • Business (8,330)
    • Investing (2,081)
    • Politics (15,852)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved