Financial times19 Nov 2020 08:43
" https://www.ft.com/content/a49de133-5596-4161-bbe5-02483c74c812
The chain hired the restructuring specialists AlixPartners last month to engage in emergency talks with lenders, ahead of a potential breach of its loan covenants in December. It is also negotiating individually with landlords for rent cuts across its 127-site estate.
Although there are no firm plans yet, a CVA would help Cineworld, which has a £6.2bn debt pile, to obtain a much needed cut in property costs.
It is already fighting a court battle with one landlord, AEW, which claims that Cineworld owes it £308,000 in unpaid rent. The chain was forced by law to shut its UK cinemas between April and July.
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