Cineworld says it will not be affected by entry into administration

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Cineworld says it will not be affected by entry into administration

Many of its theaters were forced to close due to the Covid pandemic, which has made Cineworld the world's second-largest cinema chain.

The firm, which owns the Picturehouse chain in the UK, said it was still business as usual for its cinemas.

Cineworld continues to operate its worldwide business and cinemas as usual without interruption, and this will not be affected by the entry of Cineworld Group plc into administration, the company said in a statement.

Last year it filed for bankruptcy protection in the US, but it expects to emerge from this next month following the restructuring of its finances.

The company's financial restructuring will reduce the amount of debt it owes to the government by about $4.5 billion. A sale of the company's rights has raised $800 m and will also have access to a further $1.46 bn in funds if required.

Earlier this year, Cineworld had to pull out its plans to sell its businesses in the US, UK and Ireland after it failed to find a buyer.