{"id":1635971,"date":"2022-09-08T05:19:59","date_gmt":"2022-09-08T09:19:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1635971"},"modified":"2022-09-08T05:20:14","modified_gmt":"2022-09-08T09:20:14","slug":"from-chasing-deals-to-turning-off-screens-cineworld-files-for-u-s-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/from-chasing-deals-to-turning-off-screens-cineworld-files-for-u-s-bankruptcy\/","title":{"rendered":"From chasing deals to turning off screens: Cineworld files for U.S. bankruptcy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffrom-chasing-deals-to-turning-off-screens-cineworld-files-for-u-s-bankruptcy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1635971&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters) -Britain\u2019s Cineworld filed for bankruptcy protection in the United States, as the world\u2019s second-largest cinema chain operator struggles to rein in its massive debt.<\/p>\n<p>The Chapter 11 filing involves Cineworld\u2019s U.S., UK and Jersey operations, covering the bulk of its business. <\/p>\n<p>Here is a timeline of the company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, and its past and present struggles.<\/p>\n<p>1995<\/p>\n<p>Cineworld founded by Steve Wiener after he left his job as managing director of Warner Bros Europe<\/p>\n<p>July 1996<\/p>\n<p>First multiplex opens in Stevenage, England<\/p>\n<p>October 2004<\/p>\n<p>Private equity firm Blackstone buys Cineworld from consortium of investors including group\u2019s management<\/p>\n<p>December 2004<\/p>\n<p>Cineworld buys UGC\u2019s cinema operations in Britain and Ireland, becoming the second largest cinema operator in the UK        <\/p>\n<p>April 2007<\/p>\n<p>Cineworld lists in London at 170 pence per share, valuing it at 241 million pounds ($285 million)<\/p>\n<p>2009<\/p>\n<p>Blackstone lowers shareholding in Cineworld to 20%<\/p>\n<p>2010<\/p>\n<p>Blackstone sells remaining stake in Cineworld for 205 pence per share<\/p>\n<p>2012<\/p>\n<p>Cineworld buys independent movie theatre operator Picturehouse for 47.3 million pounds<\/p>\n<p>November 2013<\/p>\n<p>Founder Wiener announces plans to step down after 18 years with Cineworld<\/p>\n<p>January 2014<\/p>\n<p>Cineworld becomes second largest cinema chain in Europe after it buys Poland-based Cinema City International\u2019s movie theatre business for 272 million pounds in cash. Cinema City holds 24.9% of Cineworld shares<\/p>\n<p>December 2017<\/p>\n<p>Cineworld agrees to buy larger U.S. peer Regal Entertainment for $3.6 billion in cash, creating world\u2019s second largest movie theatre operator<\/p>\n<p>2018<\/p>\n<p>Acquisition of Regal completed<\/p>\n<p>December 2019<\/p>\n<p>Cineworld announces plans to buy Canada\u2019s Cineplex for $1.65 billion in cash, valuing Cineplex at $2.1 billion including debt. Deal involves Cineworld seeking $2.3 billion in loans<\/p>\n<p>March 2020<\/p>\n<p>Cineworld\u2019s then largest shareholder Global City Theatres sells almost a third of its stake on worries over prospects during the COVID-19 pandemic<\/p>\n<p>April 2020<\/p>\n<p>Cineworld shuts all its 787 cinemas across 10 countries due to the pandemic, and starts talks with lenders for liquidity requirements<\/p>\n<p>The Telegraph reports Cineworld lenders were exploring legal challenges to block takeover of Cineplex<\/p>\n<p>June 2020<\/p>\n<p>Cineworld abandons deal to buy Cineplex, citing breaches in the merger agreement <\/p>\n<p>July 2020<\/p>\n<p>Cineplex says it will sue Cineworld, seeking damages after Cineworld \u201cwrongfully\u201d scrapped deal; Cineworld plans counter-claim<\/p>\n<p>Cineworld theatres reopen after virus-related restrictions start to ease <\/p>\n<p>October 2020<\/p>\n<p>Cineworld closes UK and U.S. movie theatres again<\/p>\n<p>May 2021<\/p>\n<p>Cineworld says UK reopening weekend topped expectations as animated comedy \u201cPeter Rabbit 2\u201d drew crowds after months of lockdown <\/p>\n<p>September 2021<\/p>\n<p>Cineworld says it will pay $170 million to Regal shareholders, who were disgruntled with takeover price <\/p>\n<p>December 2021<\/p>\n<p>Cineworld ordered to pay C$1.23 billion ($946.1 million) in damages to Cineplex<\/p>\n<p>February 2022<\/p>\n<p>Cineworld reaches deal to delay payments to former Regal shareholders <\/p>\n<p>Aug. 17, 2022<\/p>\n<p>Cineworld warns a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to cut debt that it warned could significantly dilute shareholder interests<\/p>\n<p>Aug. 19, 2022  <\/p>\n<p>The Wall Street Journal reports Cineworld is preparing to file for bankruptcy<\/p>\n<p>Sept. 7, 2022<\/p>\n<p>Cineworld said it was considering options including a possible bankruptcy filing in the United States.<\/p>\n<p>(SOURCES: Companies\u2019 statements, Reuters reporting, other media reports)<\/p>\n<p>($1 = 0.8462 pounds)<\/p>\n<p>($1 = 1.3001 Canadian dollars)<\/p>\n<p> (Reporting by Yadarisa Shabong and Pushkala Aripaka and Sinchita Mitra in Bengaluru; Editing by Mark Potter and Sherry Jacob-Phillips)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/from-chasing-deals-to\/file-photo-file-photo-people-enter-a-cineworld-cinema-following-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI7L061-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7L061-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Britain\u2019s Cineworld filed for bankruptcy protection in the United States, as the world\u2019s second-largest cinema chain operator struggles to rein in its massive debt. The Chapter 11 filing involves<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1635971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1635971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1635971"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1635971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1635971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1635971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1635971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}