Aug 19, 2022
Cineworld shares plunge on bankruptcy fears
Shares in Cineworld have fallen more than 60% as concerns mount that the world's second largest cinema chain is about to file for bankruptcy. Like other cinema chains, Cineworld was hit hard by the pandemic. Cineworld recently said post-Covid customers levels were lower than expected and blamed "Limited" film releases. The Wall Street Journal reported that Cineworld is preparing to file for bankruptcy, sending its share price tumbling. It said earlier this week: "Despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations."These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group's liquidity position in the near term.
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