Cineworld files for bankruptcy in bid to cut €5 billion debt

The cinema chain currently operates 126 theatres across Britain, as well as one branch in Dublin and Belfast. 

Cineworld has commitments for €1.94bn of bankruptcy financing lined up from existing secured lenders, the company said in a statement.

Cineworld Group Plc filed for bankruptcy in Texas in an effort to tame its €5bn debt pile.

The UK-based movie theatre chain, which draws most of its revenues from the US after the acquisition of Regal Cinemas in 2018, filed for Chapter 11 protection on Wednesday. Chapter 11 bankruptcy allows a company to continue operating while it works out a plan to repay creditors.