Cineworld considers bankruptcy as cinema struggles continue

LONDON (AP) — Cineworld Group says it’s considering a U.S. bankruptcy filing for Chapter 11 protection, as it contends with billions of dollars in debt and more empty seats at its screens than expected. One of the world’s largest movie theater chains, the owner of Regal Cinemas in the United States said Monday (Aug. 22, 2022) that bankruptcy is one option it’s weighing amid a financial crunch. Cineworld faces challenges specific to itself after building up $4.8 billion in net debt. But the entire industry is navigating a tenuous recovery after the pandemic shut theaters worldwide. Box-office revenue has rebounded this summer, but it’s still running nearly 20% below pre-pandemic levels.