{"id":89813,"date":"2023-04-03T04:26:54","date_gmt":"2023-04-03T04:26:54","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/04\/03\/cineworld-says-it-aims-to-raise-2-3bn-to-exit-bankruptcy\/"},"modified":"2023-04-03T04:26:54","modified_gmt":"2023-04-03T04:26:54","slug":"cineworld-says-it-aims-to-raise-2-3bn-to-exit-bankruptcy","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/04\/03\/cineworld-says-it-aims-to-raise-2-3bn-to-exit-bankruptcy\/","title":{"rendered":"Cineworld says it aims to raise $2.3bn to exit bankruptcy"},"content":{"rendered":"
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Cineworld plans to raise $2.26bn (\u00a31.8bn) in new funds as the ailing cinema chain looks to emerge from bankruptcy.<\/b><\/p>\n<\/div>\n

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The company filed for US bankruptcy protection last year.<\/p>\n<\/div>\n

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It has sought to restructure its $5 billion debt after being hit hard by lockdowns and a lack of major film releases due to the pandemic.<\/p>\n<\/div>\n

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Cineworld, which also owns the UK’s Picturehouse chain, is struggling to find a buyer.<\/p>\n<\/div>\n

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Proceeds from the capital raise will be used to fund the company’s reorganization, including costs related to restructuring its debt, Cineworld said in a filing with US Bankruptcy Court in the Southern District of Texas.<\/p>\n<\/div>\n

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It is the second largest cinema chain in the world by number of screens with more than 9,000 screens in almost 750 locations.<\/p>\n<\/div>\n

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Cineworld’s operations span 10 countries – including the UK, US, Poland and Israel – with approximately 30,000 employees worldwide.<\/p>\n<\/div>\n

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Cinema chains have been one of the hardest-hit industries during the pandemic. <\/p>\n<\/div>\n

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Many cinemas have had to close for extended periods during the lockdown or have had to operate at reduced capacity due to social distancing rules.<\/p>\n<\/div>\n

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Cineworld reported a huge loss for the first six months of 2020 after being forced to temporarily close some theaters and film studios delaying the release of some blockbuster films.<\/p>\n<\/div>\n

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Cinemas are also facing stiff competition from streaming services, which have grown in popularity during the lockdown.<\/p>\n<\/div>\n

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A row erupted in 2020 when Cineworld and rival AMC, which owns the Odeon Cinemas chain, criticized Universal Pictures for releasing Trolls: World Tour online when cinemas had to close due to the coronavirus.<\/p>\n<\/div>\n

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Cineworld then signed a deal with Warner Bros. to show films in theaters before they are streamed.<\/p>\n<\/div>\n

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More recently, streaming giant Netflix reported a sharp drop in subscriber numbers as the rising cost of living prompts people to save.<\/p>\n<\/div>\n

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The company’s London-traded shares have fallen more than 90% over the past year as investors worry about its future. Its current market value is under \u00a340m ($49.1m).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cineworld plans to raise $2.26bn (\u00a31.8bn) in new funds as the ailing cinema chain looks to emerge from bankruptcy. The company filed for US bankruptcy protection last year. It has sought to restructure its $5 billion debt after being hit hard by lockdowns and a lack of major film releases due to the pandemic. Cineworld, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-89813","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nCineworld says it aims to raise $2.3bn to exit bankruptcy - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/04\/03\/cineworld-says-it-aims-to-raise-2-3bn-to-exit-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cineworld says it aims to raise $2.3bn to exit bankruptcy\" \/>\n<meta property=\"og:description\" content=\"Cineworld plans to raise $2.26bn (\u00a31.8bn) in new funds as the ailing cinema chain looks to emerge from bankruptcy. 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