FGS Global handles Cineworld Group PLC as it confirms media speculation that the owner of Regal Cinemas in the US is mulling Chapter 11 bankruptcy among its “strategic options” to deal with slumping movie ticket sales.
Cineworld, which acquired Regal in 2018 for $3.6B, has reported a recent uptick in attendance though admissions are well below expectations.
The world’s second-largest movie chain, after AMC Entertainment, faces coming maturities on its $5B debt load.
A Chapter 11 filing would restructure that debt and provide additional liquidity, the company said on Aug. 22.
Cineworld and Regal theaters remain open for business
FGS Global has James Leviton, Ed Treadwell and James Thompson directing the Cineworld business.