Cineworld, owner of  Regal, declares  bankruptcy 

Cineworld, owner of Regal, declares bankruptcy

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Regal Cinemas blames the COVID- 19 outbreak for reduced attendance and postponed film schedules.

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Cineworld Group, the world's second-largest movie theatre operator, has "commenced Chapter 11 litigation" to eliminate business debt.

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The London-based corporation 'owns 500 Regal cinemas in the US. and Cineworld and Picturehouse in Britain.

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Cineworld expects to emerge from Chapter 11 in the first quarter of

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2023 and believes a complete financial reorganisation is in its long-term best interest.

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Cineworld predicted the COVID-19 epidemic cost $2.7 billion in 2020 and $566 million in 2021.

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Cineworld shuttered hundreds of Cineworld, Regal, and Picturehouse cinemas in October.

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Movle theatre attendance climbed early this summer with *Top Gun: Maverick" and "Jurassic Park:

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Movle theatre attendance climbed early this summer with *Top Gun: Maverick" and "Jurassic Park:

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