Cineworld has announced that it will file for administration across the UK, as the world's second largest cinema chain moves towards a new restructuring plan. The worldwide chain, which operates cinemas in Newcastle, Boldon, Dalton Park and Middlesbrough, will apply the process for its London-listed company in July, which will see shares in the firm become suspended.
However, Cineworld has stressed that the move will not impact British operations for the holding company - with chains including Regal, Cinema City and Picturehouse remaining open and operating as usual. The group is moving forward with plans to restructure its £3.9billion debt, to allow it to exit bankruptcy.
It's also looking to raise some £628million through a rights offering, and secure £1.1billion in new debt financing.
