Cineworld was rumoured this week to be filing for bankruptcy – but it’s assuring customers it remains open for business.
We reported
a few days ago that Cineworld was preparing to file for bankruptcy. Now, the company has clarified its position, assuring people that its cinemas will remain “open for business as usual and continue to welcome guests and members”.
Cineworld was in similarly dire financial straits in 2020, but was saved by creditors. Options going forward “include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process. Any such filing would be expected to allow the group to access near-term liquidity and support the orderly implementation of a fully funded deleveraging transaction. Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees”.
Essentially, the statement uses a lot of words to say that, from a cinemagoers point of view, nothing will change, at least in the short term. It’s all about economics higher up the chain, which they say won’t affect front line staff in cinemas.
As ever in this uncertain climate, things can change at a moment’s notice. And what with the coming winter set to be a squeeze for everyone financially, this is a situation that is likely to get worse before it gets better. We’ll keep you updated as we hear more.
Deadline
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