Cineworld screens stay open despite administration

Struggling cinema chain Cineworld has said its screens will remain open despite the company planning to file for administration in the UK.

The move is part of a restructuring plan for the world's second-largest cinema chain that will see its shares being suspended.

The company filed for bankruptcy protection in the US last year as it struggled with debts of $5bn.

But the firm said it was still business as usual for its cinemas.

"Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration," it said.

"The group and its brands around the world - including Regal, Cinema City, Picturehouse and Planet - are continuing to welcome customers to cinemas as usual."

Cineworld plans to emerge from bankruptcy protection in July following the financial structuring, which will cut its debts by about $4.5bn and see $800m raised in fresh funds.

Like other cinema chains, Cineworld - which employs more than 28,000 people globally - was hit hard by the pandemic.

Many theatres were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules.

Cinemas are also facing tough competition from streaming services.

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