Cineworld has confirmed it is considering whether to put the 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 could 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 (€4.7 billion) of debt at the end of the last financial year.
In a statement to shareholders, it said: "Cineworld and Regal theatres globally are open for business as usual and continue to welcome guests and members.
"The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process. Cineworld is in discussions with many of its major stakeholders, including its secured lenders and their legal and financial advisers.”
Globally the cinema giant employs around 28,000 people across 10 countries, including in Dublin on Parnell Street.
It said: "Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees."
Importantly, the company’s cinemas would be able to continue to trade throughout the whole process.
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