Cineworld, which has a prominent Nottingham city centre outlet, has issued an update on its future. The debt-ridden cinema chain has halted the sale of its UK and US operations amid debt restructuring. The firm has said it will raise 2.26 billion US dollars (£1.8 billion) in new funding as part of a plan to exit bankruptcy and terminate a planned sale of its US, UK and Irish businesses.
Cineworld has a Nottingham outlet in The Cornerhouse leisure complex in the city, a location formerly the site of Nottingham Evening Post during its T Bailey Forman and Northcliffe days. The troubled cinema chain runs around 750 sites globally with around 130 of those in the UK. However, it filed for bankruptcy protection in the US last year.
It has now said it will restructure its roughly five billion dollar debt pile in order to emerge from the Chapter 11 bankruptcy during the first half of 2023, according to PA news agency. The financial restructuring will involve lenders providing around 1.46 billion dollars (£1.2 billion) in new credit, as well as 800 million dollars (£651 million) of equity to the lenders.
