Cinema chain Cineworld plans to raise $2.3bn to exit bankruptcy
Cineworld says it plans to raise $2.26bn in new funding as the struggling cinema chain aims to emerge from bankruptcy.It has been trying to restructure its $5bn of debt after being hit hard by lockdowns and a lack of big movie releases due to the pandemic.The proceeds of the capital raising will be used to fund the turn around of the business including costs related to the restructuring its debts, Cineworld said in a filing with the US bankruptcy court in the Southern District of Texas.
Cineworld's operations span 10 countries - including the UK, the US, Poland and Israel - with approximately 30,000 employees worldwide.Many cinemas were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules. Cinemas have also been facing tough competition from streaming services, which soared in popularity during the lockdowns.
Cineworld subsequently signed a deal with Warner Bros to show films in theatres before they are streamed.
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