Cineworld confirms it is considering bankruptcy but 'no significant impact' on employees

manchestereveningnews.co.uk:

Bosses at Cineworld are considering whether to put the cinema chain into bankruptcy. They confirmed on Monday (August 22) that they are looking at options for restructuring the world’s second-largest cinema chain, which is struggling under heavy debts.

One option being considered is a Chapter 11 bankruptcy filing in the US. Chapter 11 is often referred to as reorganisation bankruptcy and does not mean the end of the line for the company.

Firms including General Motors and Marvel Entertainment have in the past made Chapter 11 filings, only to bounce back later.

The announcement from Cineworld came days after the Wall Street Journal first reported that the company was on the verge of declaring it is bankrupt. Read more:'Our little girl kept coming home with bruises.