The second-largest theatre chain in the world, Cineworld, announced on Tuesday that it had submitted a plan of reorganization with the U.S. Bankruptcy Court for the Houston Division of the Southern District of Texas.
In September, the industry filed for bankruptcy under U.S. Chapter 11 protection for the majority of its operations.
The technician announced the establishment a week after abandoning its plans to sell its businesses in the US, UK, and Ireland after failing to find an investor. Instead, it suggested negotiating new debt.
Recipients of its current ownership interests are not expected to recover as a result of the proposed restructuring, the struggling theater chain said on Tuesday.
Any purchase deal brought on by the marketing process may cause Cineworld to detain emergence past the second half of 2023, according to the company, which anticipates emerging from Chapter 11.
Plan for restructuring Cineworld documents in the US
