Cinema chain operator Cineworld expects to exit Chapter 11 bankruptcy in July

The cinema operator is scheduled to seek final court approval of its bankruptcy restructuring on June 12.

Cineworld had taken on heavy debt to acquire US chain Regal, but the covid-19 pandemic pushed it into distress after lockdowns delayed the release and production of blockbuster movies and shuttered cinemas for months.

Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the cinema chain operator said on Thursday, adding that its proposed restructuring received the support of lenders holding about 99% of its legacy debt facilities.

The world's second-largest movie theatre chain operator after AMC Entertainment had filed for U. bankruptcy protection in September to try and restructure its massive debt.