![]() Cinemark Holdings fell 5.8% to $15.33, for example. Shares of other theater chains also stumbled Monday, but nowhere near as much as Cineworld. ![]() That followed a 58.3% plunge on Friday after The Wall Street Journal reported the company was preparing to file for bankruptcy protection within weeks. The company's stock in London tumbled 21.4% to the equivalent of roughly 3.8 U.S. To be sure, moviegoers have streamed back into theaters this year to see blockbusters like "Spider-Man: No Way Home," "Top Gun: Maverick," and "Jurassic Park: Dominion." Industry giant Warner Discovery has said it's doubling down on theaters and moving away from debuting films on its HBO Max streaming service. But the entire industry is navigating a tenuous recovery after the pandemic shut theaters worldwide. ![]() Theaters in San Francisco's Stonestown and in Oakland's Jack London Square were thriving before the pandemic.Cineworld faces challenges specific to itself after building up $4.8 billion in net debt, not including lease liabilities. Cineworld said it expects to continue operating even after any potential filing, though its stock investors could face steep or total losses on their holdings.Ĭineworld owns dozens of Regal Cinemas operating in California. The British company, which owns Regal Cinemas in the United States and operates in 10 countries, said its theaters remain "open for business as usual" as it considers options for relief from its debt load. ![]() LONDON (AP) - Conditions are dimming at many movie theaters around the world.Ĭineworld Group PLC, one of the industry's biggest theater operators, confirmed Monday that it's considering filing for Chapter 11 bankruptcy protection in the U.S., as it contends with billions of dollars in debt and more empty seats in front of its screens than expected. Free screenings of new Jo Koy film support AAPI youth 03:14 ![]()
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