CINEWORLD has secured $785m from existing lenders after the company filed for bankruptcy in the United States earlier this week.
This means that the chain will now have more time to reduce its debt and meet ongoing obligations to vendors, suppliers and employees. Cineworld cinemas across the UK and worldwide will remain open and operate as normal. This will come as welcome news to the chain, who as of recently had only $4 million in cash. Without the recent ruling, which was approved by Judge Marvin Isgur at an extensive hearing, the business would likely have closed entirely – leaving thousands without employment.
