Cineworld files reorganisation plan with Texas bankruptcy court
In brief
Cineworld, the world’s second-largest cinema chain, has filed a reorganisation plan with a bankruptcy court which “does not provide for holders of Cineworld’s existing equity interests”.
This would “wipe out” existing shareholdings and comes as the British-owned chain filed for bankruptcy protection in the US late last year.
The new plan outlines how the business intends to restructure its $5bn debt in order to leave this Chapter 11 bankruptcy protection during the first half of 2023.
This restructure plan is subject to approval by the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
