(Reuters) – Cineworld, the world’s second-largest cinema chain operator, said on Tuesday it had filed a plan of reorganisation with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The company had placed a majority of its business under U.S. Chapter 11 bankruptcy protection in September.
The development comes a week after the operator dropped plans to sell its businesses in the United States, the UK, and Ireland after it failed to find a buyer, and proposed a new debt deal.
The proposed restructuring does not provide for any recovery for holders of its existing equity interests, the struggling cinema chain said on Tuesday.
Cineworld, which expects to emerge from Chapter 11 is the first half of 2023, also said any sale transaction resulting from the marketing process may delay emergence beyond the first half.
(Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh Venkateshwaran)
