As per the details acquired by News, the company, which was formerly listed on the London Stock Exchange, is considering the closure of approximately 25 out of its approximately 100 multiplexes located in the United Kingdom.
In addition, Cineworld wishes to renegotiate leases at fifty more locations, leaving the other twenty-five unaffected by the reorganization.
According to sources, in the upcoming weeks, the ideas should be formally presented to creditors, including landlords.
They added that the theater operator was expected to use a restructuring plan rather than a company voluntary arrangement (CVA) as part of its bankruptcy process.
A Cineworld representative responded, “We continue to review our options but we don’t comment on rumors and speculation,” in response to a query.
Last month, News revealed that Cineworld has moved to a formal restructuring process after having preliminary discussions regarding a sale with potential owners.
AlixPartners is advising the corporation regarding the procedure.
If enough landlords reject the proposed terms, other movie theater owners are anticipated to step in and take over some of Cineworld’s locations.
