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Cineworld to exit some UK sites as part of restructuring, Sky News reports

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

(Reuters) -Cinema chain operator Cineworld Group wants to close roughly a quarter of its 100 sites in the UK and negotiate rent reductions at another 50 as part of a radical restructuring, Sky News reported on Thursday.

The restructuring comes after Cineworld's massive debt forced the group to file for administration in Britain last year and suspend trading on the London Stock Exchange.

The group is expected to formally outline the proposals to creditors including landlords in the coming weeks, Sky News reported citing sources.

The insolvency mechanism employed by the cinema operator was expected to be a restructuring plan rather than a company voluntary arrangement, the report added.

Cineworld declined to comment on the report.

(Reporting by Aby Jose Koilparambil and Dhanush Vignesh Babu in Bengaluru; Editing by Janane Venkatraman)