The world's second biggest movie theater chain is in trouble

[Scott]

Felipe Bustillo

 

London (CNN Business)The owner of Regal Cinemas is having a tough time — its stock crashed as much as 80% Friday after reports that its parent company is preparing to file for bankruptcy.

British company Cineworld Group has spoken to lawyers at Kirkland & Ellis LLP to advise on the bankruptcy process in the United States and United Kingdom, according to a report by the Wall Street Journal.

 

The stock has recovered slightly, but is still 60% below its price at the start of Friday trading.

https://www.cnn.com/2022/08/19/media/regal-cinemas-financial-trouble/index.html