The crisis currently going through cinemas has suddenly intensified.
Cineworld, the second largest cinema network in the world, announced on Wednesday that it had filed for bankruptcy in the United States, putting itself
“under the protection of Chapter XI of the law in the federal bankruptcy court for the Southern District of Texas”
.
Often used by companies in difficulty, this approach provides respite from creditors.
In the case of Cineworld, it will likely be short-lived.
Creditors
"don't give him a lot of time"
to reorganize or make the decision to sell, says Eric Snyder, bankruptcy expert at Wilk Auslander.
Read also
Cinema attendance is on the rise thanks to blockbusters
The survival of the British group, which manages more than 9,000 screens at 750 sites in 10 countries, under the Cineworld, Picturehouse and Regal Cinemas brands, represents an immense challenge.
The company, which employs 28,000 people worldwide, threatens to collapse under the weight of its debt, nearly 9 billion dollars…
This article is for subscribers only.
You have 75% left to discover.
Cultivating your freedom is cultivating your curiosity.
Keep reading your article for €0.99 for the first month
I ENJOY IT
Already subscribed?
Login