Cineworld considers filing for bankruptcy

Cineworld has said it is considering filing for bankruptcy in the United States, as the cinema chain continues to struggle with high amounts of debt.

The company, which also owns the Picturehouse chain in the UK, said it was considering options for how to restructure the business.

Shares in Cineworld plunged on Friday after a report that it was preparing to file for bankruptcy.

The company said currently its cinemas remain "open for business as usual".

In a statement, it said: "Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees."

Cineworld has 9,189 screens across more than 750 sites.

It operates in 10 countries, including the UK, the US, Poland and Israel, and employs more than 28,000 people.

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

The firm had hoped blockbusters such as the latest Bond film, Top Gun: Maverick and Thor: Love And Thunder would draw audiences back after Covid restrictions.

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

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