![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/cinema-chain-gives-update-on-future-as-it-officially-files-for-administration/&media=https://uknews.evprotec.com/wp-content/uploads/2023/08/portrait-modern-lovey-dovey-ethnically-806110409-1.jpg&description=BIG PICTURE Published : 10:30, 1 Aug 2023 A HUGE cinema chain has given a major update on its future as it officially files for administration. Cineworld has said the move will help it to "strengthen its financial position" as it emerges from Chapter 11 bankruptcy. 1 Cineworld has officially filed for administration Credit: Getty Shares in the London-listed company have been suspended, but it stressed that the move will not impact operations and that its cinemas will continue to remain open as usual. The chain currently has 128 branches across the UK and Ireland. A spokesman for the chain said: "Cineworld continues to operate its global business and cinemas as usual without interruption and this has not and will not be affected by the entry of Cineworld Group plc into administration on July 31, 2023." When a company enters administration in the UK, all control is passed to an appointed administrator - who has to be a licensed insolvency practitioner. Their goal is to leverage the company's assets and business to repay creditors. It comes after the chain filed for Chapter 11 bankruptcy in the US last year due to giant debts and low footfall. Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business. At the time, the future of the chain's 129 UK and Irish cinemas looked to be at risk . But in April it said would raise $2.26billion (£1.8 billion) in new funding in order to remain operational. And in June Cineworld said it was preparing to file for administration . The group also scrapped plans to sell its businesses outside the UK, US and Ireland after potential bidders failed to meet the value desired by its lenders. The firm operates 103 cinemas under the Cineworld brand across the UK and the Republic of Ireland: Aberdeen - Queens Links Aberdeen - Union Square Aldershot Ashford Ashton-under-Lyne Barnsley Basildon Bedford Belfast Birmingham - Broad Street Birmingham - NEC Boldon Tyne and Wear Bolto){kind=link}
A HUGE cinema chain has given a major update on its future as it officially files for administration.
Cineworld has said the move will help it to “strengthen its financial position” in the UK as it emerges from Chapter 11 bankruptcy in the US.
Shares in the London-listed company have been suspended, but it stressed that the move will not impact operations and that its cinemas will continue to remain open as usual.
The chain currently has 128 branches across the UK and Ireland.
A spokesman for the chain said: “Cineworld continues to operate its global business and cinemas as usual without interruption and this has not and will not be affected by the entry of Cineworld Group plc into administration on July 31, 2023.”