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| Cineworld says it aims to raise $2.3bn to exit bankruptcy | Cineworld says it aims to raise $2.3bn to exit bankruptcy |
| (about 1 hour later) | |
| Cinemas were hit hard by the pandemic | Cinemas were hit hard by the pandemic |
| Cineworld says it plans to raise $2.26bn (£1.8bn) in new funding as the struggling cinema chain aims to emerge from bankruptcy. | Cineworld says it plans to raise $2.26bn (£1.8bn) in new funding as the struggling cinema chain aims to emerge from bankruptcy. |
| The company filed for US bankruptcy protection last year. | The company filed for US bankruptcy protection last year. |
| It has been trying to restructure its $5bn of debt after being hit hard by lockdowns and a lack of big movie releases due to the pandemic. | It has been trying to restructure its $5bn of debt after being hit hard by lockdowns and a lack of big movie releases due to the pandemic. |
| Cineworld, which also owns the Picturehouse chain in the UK, has been struggling to find a buyer. | Cineworld, which also owns the Picturehouse chain in the UK, has been struggling to find a buyer. |
| The proceeds of the capital raising will be used to fund the turn around of the business including costs related to the restructuring its debts, Cineworld said in a filing with the US bankruptcy court in the Southern District of Texas. | The proceeds of the capital raising will be used to fund the turn around of the business including costs related to the restructuring its debts, Cineworld said in a filing with the US bankruptcy court in the Southern District of Texas. |
| Cineworld confirms it is considering bankruptcy | |
| Cineworld shares plunge on bankruptcy fears | |
| It is the world's second-largest cinema chain by the number of screens, with more than 9,000 screens in almost 750 locations. | It is the world's second-largest cinema chain by the number of screens, with more than 9,000 screens in almost 750 locations. |
| Cineworld's operations span 10 countries - including the UK, the US, Poland and Israel - with approximately 30,000 employees worldwide. | Cineworld's operations span 10 countries - including the UK, the US, Poland and Israel - with approximately 30,000 employees worldwide. |
| Cinema chains were one of the worst hit industries during the pandemic. | Cinema chains were one of the worst hit industries during the pandemic. |
| Many cinemas were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules. | Many cinemas were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules. |
| Cineworld reported a huge loss for the first six months of 2020 after it was forced to temporarily close some cinemas, and movie studios delayed the release of some blockbuster movies. | Cineworld reported a huge loss for the first six months of 2020 after it was forced to temporarily close some cinemas, and movie studios delayed the release of some blockbuster movies. |
| Cinemas have also been facing tough competition from streaming services, which soared in popularity during the lockdowns. | Cinemas have also been facing tough competition from streaming services, which soared in popularity during the lockdowns. |
| In 2020, a row broke out when Cineworld and rival AMC, which owns the Odeon Cinemas chain, criticised Universal Pictures for releasing Trolls: World Tour online at a time when cinemas were forced to close because of coronavirus. | In 2020, a row broke out when Cineworld and rival AMC, which owns the Odeon Cinemas chain, criticised Universal Pictures for releasing Trolls: World Tour online at a time when cinemas were forced to close because of coronavirus. |
| Cineworld subsequently signed a deal with Warner Bros to show films in theatres before they are streamed. | Cineworld subsequently signed a deal with Warner Bros to show films in theatres before they are streamed. |
| More recently, streaming giant Netflix reported a sharp fall in subscribers, as the rising cost of living leads to people cutting back. | More recently, streaming giant Netflix reported a sharp fall in subscribers, as the rising cost of living leads to people cutting back. |
| The company's London-traded shares have plunged by more than 90% over the last year as investors fret about its future. Its current stock market value is below £40m ($49.1m). | The company's London-traded shares have plunged by more than 90% over the last year as investors fret about its future. Its current stock market value is below £40m ($49.1m). |
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| Related Topics | Related Topics |
| Companies | Companies |
| Cineworld | Cineworld |