Cineworld To File For Administration In UK As Part Of Restructuring

deadline.com:

Cineworld said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating companies will continue business as usual without interruption.

Administration in the UK is an insolvency process, similar to a bankruptcy process. The world’s second biggest cinema chain, which owns Regal in the U.S., filed for bankruptcy protection in the U.S.

in September, with proceedings in the Southern District of Texas ongoing. It is expected to emerge from Chapter 11 in the first half of July in the U.S.

The UK administration application would only apply to Cineworld Group plc itself (as the listed parent company of the group) and not to any of the operating companies or subsidiaries under it.