Apr 3, 2023
Cineworld says it aims to raise $2.3bn to exit bankruptcy
Cineworld says it plans to raise $2.26bn in new funding as the struggling cinema chain aims to emerge from bankruptcy. 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 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. 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.
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