(Finance) – Cineworldthe second largest cinema operator in the world, is preparing to file for bankruptcy, according to rumors gathered by the Wall Street Journal. The UK group reportedly hired lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process. The London listed company is expected to submit Chapter 11 bankruptcy filing in the United States and is considering starting one insolvency proceedings in the UKaccording to the financial newspaper.
Two days ago the company announced that i Recent admission levels have been below expectations due to a limited list of films, which is expected to continue until November 2022. It was considering several strategic options “both to obtain additional liquidity and to potentially restructure its balance sheet through a global deleveraging operation”.
Cineworld register a decrease of 64.42% compared to the eve, settling at 3,469 hundredths of a pound (GBX). Operationally, a downward extension of the curve is expected with the support area seen at 1.185 and subsequently at -1.1. Resistance at 7.871.
(Photo: Photo by Krists Luhaers on Unsplash)