Cineworld Group Plc, the owner of Cineworld cinemas in the UK and Regal Cinemas in the US, is reportedly preparing to file for bankruptcy within weeks after struggling to rebuild attendance from pandemic lows.
The British cinema company has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, an inside source told the Wall Street Journal.
The owners of Cineworld, Cineworld Group Plc, are understood to be considering filing for bankruptcy in the UK
Cineworld is expected to file a chapter 11 petition in the U.S. and is considering filing an insolvency proceeding in the U.K., they added.
The pandemic saw cinemas closed across the world during the pandemic due to the risk of the spread of coronavirus.
Some cinema companies were already struggling to retain audience numbers due to highly competitive online screening services.
This story is being updated.