Cineworld filed for chapter 11 bankruptcy cases in the US on Wednesday with approximately $1.94 billion in debtor-in-possession financing commitments to “facilitate a significant de-leveraging transaction and position [the] company for long-term growth.” The announcement follows a difficult couple of years for the company, after two years of Covid lockdowns along with a failure to […]

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Cineworld shares spiralled 53.8% to 4.5p in early afternoon trading on Friday on reports that the cinema chain would be filing for bankruptcy. The news was broken by the Wall Street Journal, citing sources close to the matter. “This would mark the end of the road for the indebted cinema chain, who has around £4bn […]

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Virgin Atlantic – partly owned by British entrepreneur and billionaire Sir Richard Branson – has filed for bankruptcy protection in the US, just weeks after securing a £1.2 billion rescue deal to save the airline from impending collapse. According to Sky News, a US court has heard that Virgin Atlantic is seeking protection under Chapter […]

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Global shipping firm Hanjin have announced their intention to close all European operations, causing shares to plunge by 12 percent. The company has said it is likely to cease its activities in more than 10 countries, including its European headquarters in Germany. The firm expects to initiate the closure process in Europe as early as […]

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