UK’s Cineworld preparing to file for bankruptcy – WSJ

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Cineworld, which also operates Regal Cinemas in the United States, has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, the report added.

The news comes days after the world’s second-largest cinema chain warned that a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to cut debt.

The London-listed company is expected to file a chapter 11 petition in the United States and is considering filing an insolvency proceeding in the UK, the report said.

Cineworld and Kirkland & Ellis LLP did not immediately respond to Reuters requests for comments.