From chasing offers to turning off screens: Cineworld on the brink

(Reuters) – Britain’s Cineworld stated on Monday it was contemplating choices together with a potential chapter submitting in the US because the world’s second-largest cinema chain operator by variety of screens struggles with close to time period liquidity.

Here’s a timeline of the corporate, which operates below the Cinema Metropolis, Picturehouse, Regal and Sure Planet manufacturers, and its previous and current struggles.

1995

Cineworld based by Steve Wiener after he left his job as managing director of Warner Bros Europe

July 1996

First multiplex opens in Stevenage, England

October 2004

Personal fairness agency Blackstone buys Cineworld from consortium of traders together with group’s administration

December 2004

Cineworld buys UGC’s cinema operations in Britain and Eire, changing into the second largest cinema operator within the UK

April 2007

Cineworld lists in London at 170 pence per share, valuing it at 241 million kilos ($285 million)

2009

Blackstone lowers shareholding in Cineworld to twenty%

2010

Blackstone sells remaining stake in Cineworld for 205 pence per share

2012

Cineworld buys unbiased film theatre operator Picturehouse for 47.3 million kilos

November 2013

Founder Wiener pronounces plans to step down after 18 years with Cineworld

January 2014

Cineworld turns into second largest cinema chain in Europe after it buys Poland-based Cinema Metropolis Worldwide’s film theatre enterprise for 272 million kilos in money. Cinema Metropolis holds 24.9% of Cineworld shares

December 2017

Cineworld agrees to purchase bigger U.S. peer Regal Leisure for $3.6 billion in money, creating world’s second largest film theatre operator

2018

Acquisition of Regal accomplished

December 2019

Cineworld pronounces plans to purchase Canada’s Cineplex for $1.65 billion in money, valuing Cineplex at $2.1 billion together with debt. Deal entails Cineworld searching for $2.3 billion in loans

March 2020

Cineworld’s then largest shareholder International Metropolis Theatres sells nearly a 3rd of its stake on worries over prospects through the COVID-19 pandemic

April 2020

Cineworld shuts all its 787 cinemas throughout 10 international locations as a result of pandemic, and begins talks with lenders for liquidity necessities

The Telegraph studies Cineworld lenders have been exploring authorized challenges to dam takeover of Cineplex

June 2020

Cineworld abandons deal to purchase Cineplex, citing breaches within the merger settlement

July 2020

Cineplex says it’ll sue Cineworld, searching for damages after Cineworld “wrongfully” scrapped deal; Cineworld plans counter-claim

Cineworld theatres reopen after virus-related restrictions begin to ease

October 2020

Cineworld closes UK and U.S. film theatres once more

Might 2021

Cineworld says UK reopening weekend topped expectations as animated comedy “Peter Rabbit 2” drew crowds after months of lockdown

September 2021

Cineworld says it’ll pay $170 million to Regal shareholders, who have been disgruntled with takeover worth

December 2021

Cineworld ordered to pay C$1.23 billion ($946.1 million) in damages to Cineplex

February 2022

Cineworld reaches deal to delay funds to former Regal shareholders

Aug. 17, 2022

Cineworld warns an absence of big-budget films was hitting admissions and would doubtless persist till November, doubtlessly complicating efforts to chop debt that it warned may considerably dilute shareholder pursuits

Aug. 19, 2022

The Wall Road Journal studies Cineworld is getting ready to file for chapter

(SOURCES: Firms’ statements, Reuters reporting, different media studies)

($1 = 0.8462 kilos)

($1 = 1.3001 Canadian {dollars})

(Reporting by Yadarisa Shabong and Pushkala Aripaka in Bengaluru; Modifying by Mark Potter)