Regal Cinemas parent company Cineworld has formally filed a bankruptcy reorganization plan.
Regal Cinemas’ debt-ridden parent company Cineworld formally filed its reorganization plan in Texas bankruptcy court on Tuesday.
The filing makes official a deal described last week that will wipe out the U.K.-based company’s shareholders, cut its debt by about $4.53 billion and raise about $2.26 billion to help the chain emerge from bankruptcy.
Cineworld said in a statement it still expects to emerge from Chapter 11 protection by the end of June and in the meantime it’s “business and usual” for the world’s second-largest cinema chain, though its London-listed stock cratered on the news.
“During the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption,” the statement said. “Cineworld and its brands around the world – including Regal, Cinema City, Picture House and Planet – are continuing to welcome customers to cinemas as usual.
