Despite management, Cineworld screens are open

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Despite plans to file for administration in the UK, struggling movie theater chain Cineworld has stated that its screens will remain open.

The action is a part of the second-largest movie theater chain in the world's restructuring plan, which will also result in the suspension of its stock.

As it struggled with $5 billion in debts, the company sought bankruptcy protection in the US last year.

However, the company claimed that operations at its theaters continued as normal.

The company stated that "Cineworld continues to operate its global business and cinemas as usual without interruption" and that "the entry of Cineworld Group plc into administration will not affect this.".

"The group and its brands, which include Regal, Cinema City, Picturehouse, and Planet, continue to warmly welcome moviegoers to theaters as usual. ".

Following the financial restructuring, which will reduce its debts by about $4.5bn and result in $800m of new funding being raised, Cineworld plans to emerge from bankruptcy protection in July.

Similar to other movie theater chains, Cineworld, which employs more than 28,000 people worldwide, was severely affected by the pandemic.

Due to social distancing laws, many theaters had to operate at a reduced capacity or close for lengthy periods of time during the lockdowns.

Streaming services are a serious competitor for movie theaters as well.

After failing to find a buyer, Cineworld was forced to abandon its plans to sell its operations in the US, UK, and Ireland earlier this year.

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