Group has named an administrator in the U.K. and had its shares delisted from the London Stock Exchange as the movie theater giant eyes an exit from U.S. bankruptcy protection.
On Monday, the cinema chain said Cineworld Group had entered administration under a U.K. court order and New York-based AlixPartners had been appointed as joint administrators of the company and its subsidiaries. “As previously announced by Cineworld, the restructuring of the group, which will be implemented by way of the administration process, will transform the group’s balance sheet and provide it with significant additional liquidity to fund its long-term strategy,” Cineworld said in a statement.
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