UK markets open in 6 hours 22 minutes
  • NIKKEI 225

    26,634.02
    -10.69 (-0.04%)
     
  • HANG SENG

    26,853.39
    -41.29 (-0.15%)
     
  • CRUDE OIL

    45.14
    -0.39 (-0.86%)
     
  • GOLD FUTURES

    1,784.50
    -3.60 (-0.20%)
     
  • DOW

    29,910.37
    +37.87 (+0.13%)
     
  • BTC-GBP

    13,780.39
    +39.59 (+0.29%)
     
  • CMC Crypto 200

    362.94
    -7.57 (-2.04%)
     
  • ^IXIC

    12,205.85
    +350.85 (+2.96%)
     
  • ^FTAS

    3,593.68
    +4.64 (+0.13%)
     

Cineworld considers CVA to survive the coronavirus crisis - FT

·1-min read
People walk past a Cineworld in Leicester's Square in London
People walk past a Cineworld in Leicester's Square in London

(Reuters) - Cineworld <CINE.L> is looking at a company voluntary arrangement, an insolvency process used to cut costs, as part of its talks with lenders to gain access to capital, the Financial Times reported, citing three sources close to the negotiations.

The world's second-largest cinema chain is also considering slashing rents and permanently closing UK cinemas after lockdown restrictions and a lack of blockbuster films caused business to collapse, the FT reported.

The company last month temporarily shut its U.S. and UK operations, leaving 45,000 people unemployed for the foreseeable future.

Cineworld did not immediately respond to Reuters' request for comment outside regular business hours.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva)