Bosses at Cineworld are considering whether to put the world’s second largest cinema chain into bankruptcy. They confirmed on Monday that they are looking at options for restructuring the business, which is struggling under heavy debts.
This might lead to a Chapter 11 bankruptcy filing in the US. Chapter 11 is often referred to as reorganisation bankruptcy and does not mean the end of the line for the company.
Firms including General Motors and Marvel Entertainment have in the past made Chapter 11 filings, only to bounce back later. The announcement from Cineworld came days after the Wall Street Journal first reported that the company was on the verge of declaring it is bankrupt.
