Cineworld staves off administration

 

Cineworld has confirmed five of its sites are to close - and one has been saved - after it staved off the threat of administration in a High Court appearance.

This morning, a judge approved restructuring plans for four of its companies - Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd - which make up the firm. The approval means that £16million of fresh equity from their indirect parent company will be injected to meet immediate financial needs, with an additional potential £35million in the pipeline.

However, despite the last minute reprieve, five of its cinemas are set to close. Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus will all still close for good. The timeline for the closures are currently unknown. However, Cineworld Hinckley - which had previously been earmarked for closure - will now remain open.

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