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| Cineworld drops sale of UK and US businesses after failing to find buyer | |
| (about 1 hour later) | |
| Dungeons & Dragons: Honour among Thieves has been a box office hit | Dungeons & Dragons: Honour among Thieves has been a box office hit |
| Cineworld has dropped plans to sell its businesses in the US, UK and Ireland after failing to find a buyer. | |
| The cinema chain operator also says it has reached a conditional deal with lenders to exit bankruptcy. | |
| The company, which owns the Picturehouse chain in the UK, announced plans to raise $2.26bn (£1.8bn) of new funding. | |
| Cineworld filed for US bankruptcy protection last year as it struggled under the weight of $5bn of debt. | |
| "This agreement with our lenders represents a 'vote-of-confidence' in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment," chief executive Mooky Greidinger said. | |
| The company said it will continue to consider proposals for the sale of its business outside the US, UK and Ireland. | |
| 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 confirms it is considering bankruptcy |
| Cineworld shares plunge on bankruptcy fears | 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. |
| 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). |
| 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. |
| After lockdown restrictions eased, cinema chains have seen large audiences drawn by the latest Hollywood blockbusters. | After lockdown restrictions eased, cinema chains have seen large audiences drawn by the latest Hollywood blockbusters. |
| Big box office hits in recent months include Top Gun: Maverick, Avatar: The Way of Water and Dungeons & Dragons: Honour among Thieves. | Big box office hits in recent months include Top Gun: Maverick, Avatar: The Way of Water and Dungeons & Dragons: Honour among Thieves. |
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| Harry and Meghan's unseen video moments - the BBC's Jonny Dymond takes a look. | Harry and Meghan's unseen video moments - the BBC's Jonny Dymond takes a look. |
| Harry and Meghan's unseen video moments - the BBC's Jonny Dymond takes a look. | Harry and Meghan's unseen video moments - the BBC's Jonny Dymond takes a look. |
| Related Topics | Related Topics |
| Companies | Companies |
| Cineworld | Cineworld |