Cineworld brings in consultants as it stares up $8bn debt pile
By Josh White
Date: Thursday 22 Oct 2020
(Sharecast News) - Ailing cinema operator Cineworld has brought in advisers AlixPartners as it looks to restructure its debt, it was reported on Thursday.
According to Sky News, the company has appointed the consulting firm in recent days, coming weeks after a syndicate of lenders appointed FTI Consulting and Houlihan Lokey for negotiations over its $8bn (£6.1bn) debt pile.
Cineworld has temporarily shuttered the doors on around 660 venues in the UK and the United States in recent weeks, amid a dearth of new films to show and a lack of customers as a result of the Covid-19 pandemic, affecting 45,000 employees.
Sky said PJT Partners was also working with the company to assess its options.
Its lenders were understood to be considering looking at a company voluntary arrangement, which would lead to renegotiations with landlords and the permanent closure of some of its sites.
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