Regal Owner Cineworld Considering Insolvency Process That Could See Some Screens Permanently Shuttered
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variety.comNaman Ramachandran The Cineworld Group, the second largest cinema chain in the world, which also operates the Regal cinemas in the U.S., is exploring an insolvency process in the U.K.
that will cut costs, but could shutter some British sites permanently.Known as a “company voluntary arrangement” (CVA), Cineworld is currently discussing the process with lenders, according to the Financial Times.
Cineworld declined to comment. However, Variety understands that Cineworld is indeed considering the option, at least until Hollywood blockbusters begin returning to cinemas with some regularity, beginning with James Bond title “No Time to Die” over the Easter 2021 holiday.Cineworld has £6.2 billion ($8.2 billion) in debt.
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