Cineworld Group, a leading cinema operator in 10 countries and parent company of Regal cinemas (Montgomery County locations in Germantown, Rockville, and Silver Spring), announced that Cineworld has commenced Chapter 11 cases in the United States Bankruptcy Court. The current plan is for operations to continue without any interruptions at existing locations and the company is hoping to emerge from bankruptcy in the first quarter of 2023. Additional information is available below.

Per the press release: As part of the Chapter 11 cases, Cineworld, with the expected support of its secured lenders, will seek to implement a de-leveraging transaction that will significantly reduce the Group’s debt, strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalise on, Cineworld’s strategy in the cinema industry. The Group Chapter 11 Companies enter the Chapter 11 cases with commitments for an approximate $1.94 billion debtor-in-possession financing facility from existing lenders, which will help ensure Cineworld’s operations continue in the ordinary course while Cineworld implements its reorganisation.