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| Cineworld drops sale of UK and US businesses after failing to find buyer | Cineworld drops sale of UK and US businesses after failing to find buyer |
| (6 months later) | |
| A new tribe, the Metkayina Clan, is introduced in The Way of Water | A new tribe, the Metkayina Clan, is introduced in The Way of Water |
| Cineworld has said it will raise new funding as it dropped plans to sell its businesses in the US, UK and Ireland after failing to find a buyer. | Cineworld has said it will raise new funding as it dropped plans to sell its businesses in the US, UK and Ireland after failing to find a buyer. |
| The troubled cinema chain saw its share price fall by nearly 30% after announcing it would terminate the move. | The troubled cinema chain saw its share price fall by nearly 30% after announcing it would terminate the move. |
| At the same time, Cineworld said it had struck a deal with its lenders to restructure its substantial debt and exit bankruptcy. | At the same time, Cineworld said it had struck a deal with its lenders to restructure its substantial debt and exit bankruptcy. |
| Like other cinemas, Cineworld was hit hard by the pandemic. | Like other cinemas, Cineworld was hit hard by the pandemic. |
| Many theatres were forced to close for extended periods during lockdowns, or had to operate at a reduced capacity due to social distancing rules. | Many theatres were forced to close for extended periods during lockdowns, or had to operate at a reduced capacity due to social distancing rules. |
| They also continue to face tough competition from streaming services. | They also continue to face tough competition from streaming services. |
| Cineworld, which is the world's second-largest cinema chain, filed for bankruptcy in the US in August last year as it struggled under the weight of $5bn (£4bn) in debt. | Cineworld, which is the world's second-largest cinema chain, filed for bankruptcy in the US in August last year as it struggled under the weight of $5bn (£4bn) in debt. |
| The firm, which employs more than 28,000 people across 740 sites globally, said it now plans to raise $2.26bn of new funding. | The firm, which employs more than 28,000 people across 740 sites globally, said it now plans to raise $2.26bn of new funding. |
| Cineworld's chief executive Mooky Greidinger said the deal represented a "vote-of-confidence" in the business and propelled the company "towards achieving its long-term strategy in a changing entertainment environment". | Cineworld's chief executive Mooky Greidinger said the deal represented a "vote-of-confidence" in the business and propelled the company "towards achieving its long-term strategy in a changing entertainment environment". |
| Cineworld confirms it is considering bankruptcy | Cineworld confirms it is considering bankruptcy |
| Cineworld shares plunge on bankruptcy fears | Cineworld shares plunge on bankruptcy fears |
| The company said it would continue to consider proposals for the sale of its business outside the US, UK and Ireland. | The company said it would continue to consider proposals for the sale of its business outside the US, UK and Ireland. |
| 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. |
| After lockdown restrictions eased, cinema chains have seen large audiences return to view the latest Hollywood blockbusters. | After lockdown restrictions eased, cinema chains have seen large audiences return to view 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. |
| Related Topics | Related Topics |
| Companies | Companies |