Regal Cinemas owner files for bankruptcy
Movie theater operator Cineworld Group has filed for Chapter 11 bankruptcy protection in the U.S. as it deals with billions of dollars in debt and lower-than-expected attendance at screenings.
The company and its subsidiaries have commitments for an approximate $1.94 billion debtor-in-possession financing facility from existing lenders, which will help ensure Cineworld's operations continue as usual while it undergoes a reorganization.
"Importantly, this is a process which is specifically designed to allow us to continue operating our business and theatres as normal without interruption while we seek to strengthen our financial position," Cineworld CEO Mooky Greidinger said in a statement. "We continue to welcome our guests to cinemas around the world, which will not change during the Chapter 11 cases, and expect that all membership programs, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited, should continue as usual."
The parent of Regal Cinemas previously said admissions have been below expectations and a "limited film slate" further threatened its operations.
Massachusetts has Regal theaters in Boston, Bellingham, Hyannis, Kingston, Marlboro, Mashpee and Springfield. In New Hampshire, Regal can be found in Concord, Hookset and Newington.
