Cineworld has confirmed it is considering whether to put the world’s second largest cinema chain into bankruptcy as it struggles with almost $5 billion of debt.
Bosses at the cinema chain confirmed on Monday they are considering options for restructuring the business, which may lead to a Chapter 11 bankruptcy filing in the US. Chapter 11 is often referred to as reorganisation bankruptcy and does not mean the company is destined to close.
Firms including General Motors and Marvel Entertainment have previously made Chapter 11 filings, only to bounce back later. Cineworld was struggling with $4.8 billion (£4 billion) of debt at the end of the last financial year.
