Regal Owner Cineworld to File for Administration in the U.K. Without Affecting Business

On Monday, the group said it would will apply to a court in England for an administration order. The application would only apply to Cineworld Group plc itself as the listed parent company of the group and not to any of the operating companies or subsidiaries in the rest of the group, which would continue to operate as usual without interruption. Any administration order would not affect the status or rights of any of the group’s employees.

Once administrators have been appointed, they will take steps through which substantially all of Cineworld Group plc’s assets will be transferred to its wholly owned subsidiary, Crown U.K. Holdco Limited and a newly incorporated company to be controlled by the group’s lenders will become the sole owner of Crown, with Cineworld Group plc ceasing to have any interest in Crown or the rest of the group, the company said.

The top management of Cineworld are to receive up to $35 million to exit the company as it emerges from Chapter 11 proceedings, it“Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration,” the company stated. “The Group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual.

Cineworld owns the Regal cinema chain and is the second largest movie theater operator in the world. Its shares are listed in the U.K.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

India's Byju's tells investors it will file 2022 earnings by Sept -sourceIndian education technology giant Byju's, which lost its auditor after delaying financial statements, has told investors it will file 2022 audited earnings by September and 2023 results by December, a person with direct knowledge of the matter said.
Source: Reuters - 🏆 2. / 97 Read more »

Atlanta business owner targeted twice by thieves asks public to help identify suspectsNothing Bundt Cakes owner Charlie Shabazz said two of her bakeries were targeted by the same group of men in what she believes was a targeted attack.
Source: FoxNews - 🏆 9. / 87 Read more »

Business owner says parking lot near Utah homeless center 'is used as a toilet'As a dog daycare and boarding business, 'Diggity Dogs Resort' is accustomed to cleaning up after pets, but now it’s cleaning up after people in its parking lot.
Source: CBS21NEWS - 🏆 304. / 63 Read more »