Cineworld

Cineworld shares plunge on bankruptcy fears

The company, which also owns the Picturehouse chain in the UK, is struggling under $5bn worth of debt.

Like other cinema chains, Cineworld was hit hard by the pandemic.

Cineworld recently said post-Covid customers levels were lower than expected and blamed "limited" film releases.

The Wall Street Journal reported that Cineworld is preparing to file for bankruptcy, sending its share price tumbling.

Cineworld has been contacted for comment.

Cineworld to shut down UK screens after Bond film delay

As first reported in the Sunday Times, the firm is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden to say the industry is now "unviable".

The firm says it has been hit by delays in the release of big-budget films, putting 5,500 jobs at risk.

The premiere of James Bond film No Time To Die has been postponed twice and is now due for release in April 2021.

It is hoped that the Cineworld cinemas will be able to reopen next year, with staff being asked to accept redundancy in the hope of rejoining the company when theatres open again.