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DL: Cineworld files for Chapter 11. I'm baffled how this reorganization was approved since they are completely insolvent.
They have $5 billion in debt, plus a $1 billion judgement from Cineplex. Now add $1.9 billion in DiP financing to that pile. The company is literally worthless. The plan is to sell and close locations to save money, but this also lowers revenue. With interest rates rising, no one will borrow in the face of an uncertain future for theaters. Sadly, the only theater in my city is Regal and will certainly be closed. It needs significant upgrades to be appealing, which is why we drive an hour to the nice AMC. What a terrible day for the business.
DL: Cineworld files for Chapter 11. I'm baffled how this reorganization was approved since they are completely insolvent. Sep 07, 09:45
filing the petition is a long way from having any Chap 11 plan approved. that said, companies don’t go BK lightly Sep 07, 10:05
