# From chasing deals to turning off screens: Cineworld on the brink
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-22
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Cineworld considers bankruptcy filing in US amid struggles
Meta Description: Discover Cineworld's timeline, struggles, acquisitions, and current challenges. Stay updated on one of the world's largest cinema chain operators.
URL: https://financedigest.com/from-chasing-deals-to-turning-off-screens-cineworld-on-the-brinkhtml

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(Reuters) – Britain’s Cineworld said on Monday it was considering options including a possible bankruptcy filing in the United States as the world’s second-largest cinema chain operator by number of screens struggles with near term liquidity.

Here is a timeline of the company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands, and its past and present struggles.

1995

Cineworld founded by Steve Wiener after he left his [job as managing director of Warner Bros Europe](https://www.financedigest.com/ford-to-make-call-on-europe-job-cuts-by-mid-feb-as-buyers-circle-german-site.html "Ford to make call on Europe job cuts by mid-Feb as buyers circle German site")

July 1996

First multiplex opens in Stevenage, England

October 2004

Private equity firm Blackstone buys Cineworld from [consortium of investors including](https://www.financedigest.com/uniper-sells-uae-marine-fuels-refinery-to-consortium-including-montfort.html "Uniper sells UAE marine fuels refinery to consortium including Montfort") group’s management

December 2004

Cineworld buys UGC’s cinema [operations in Britain](https://www.financedigest.com/britain-sets-5g-goal-says-no-magic-number-of-operators.html "Britain sets 5G goal, says no ‘magic number’ of operators") and Ireland, becoming the second largest cinema operator in the UK

April 2007

Cineworld [lists in London](https://www.financedigest.com/oneweb-eutelsat-set-for-secondary-london-listing-the-times.html "OneWeb-Eutelsat set for secondary London listing – The Times") at 170 pence per share, valuing it at 241 million pounds ($285 million)

2009

Blackstone lowers shareholding in Cineworld to 20%

2010

Blackstone [sells remaining stake](https://www.financedigest.com/kkr-sells-50-stake-in-spains-x-elio-to-partner-brookfield.html "KKR sells 50% stake in Spain’s X-elio to partner Brookfield") in Cineworld for 205 pence per share

2012

Cineworld [buys independent movie theatre operator Picturehouse for 47.3 million](https://www.financedigest.com/iag-agrees-to-buy-80-stake-in-air-europa-for-400-million-euros.html "IAG agrees to buy 80% stake in Air Europa for 400 million euros") pounds

November 2013

Founder Wiener announces [plans to step down after 18 years](https://www.financedigest.com/3-factors-to-plan-for-in-2017-a-year-like-none-other.html "3 Factors to Plan for in 2017, A Year Like None Other") with Cineworld

January 2014

Cineworld becomes second largest cinema chain in Europe after it [buys Poland-based Cinema City](https://www.financedigest.com/4-for-the-price-of-1-what-you-can-buy-in-the-uks-top-northern-cities-for-the-price-of-a-london-pad.html "4 for the price of 1: What you can buy in the UK’s top northern cities for the price of a London pad") International’s movie theatre business for 272 million pounds in cash. Cinema City [holds 24.9% of Cineworld shares](https://www.financedigest.com/north-american-market-for-veterinary-respiratory-ventilators-to-hold-lions-share-owing-to-presence-of-major-key-players-fact-mr-report.html "North American Market for Veterinary Respiratory Ventilators to Hold Lion’s Share Owing to Presence of Major Key Players: Fact.MR Report")

December 2017

Cineworld [agrees to buy](https://www.financedigest.com/vodafone-agrees-to-buy-masmovils-portugal-unit-nowo.html "Vodafone agrees to buy MasMovil’s Portugal unit Nowo") larger U.S. peer Regal Entertainment for $3.6 [billion in cash](https://www.financedigest.com/british-pensions-step-up-multi-billion-pound-asset-fire-sale-as-need-for-cash-soars.html "British pensions step up multi-billion-pound asset fire sale as need for cash soars"), creating world’s second largest movie theatre operator

2018

[Acquisition of Regal completed](https://www.financedigest.com/aon-completes-acquisition-of-health-and-benefits-brokerage-and-solutions-firm-admix.html "Aon completes acquisition of health and benefits brokerage and solutions firm Admix")

December 2019

Cineworld [announces plans](https://www.financedigest.com/eu-announces-plans-to-lead-green-industrial-revolution.html "EU announces plans to lead green industrial revolution") to buy Canada’s Cineplex for $1.65 billion in cash, valuing Cineplex at $2.1 billion including debt. [Deal involves Cineworld seeking](https://www.financedigest.com/seven-out-of-ten-uk-adults-aged-25-44-never-seek-advice-on-dealing-with-debts-despite-depending-on-the-bank-of-mum-and-dad.html "Seven out of ten UK adults aged 25-44 never seek advice on dealing with debts despite depending on the bank of mum and dad") $2.3 billion in loans

March 2020

Cineworld’s then largest [shareholder Global City Theatres sells almost a third of its stake](https://www.financedigest.com/intercos-fund-shareholders-l-catterton-otpp-sell-6-stake-at-7-discount.html "Intercos fund shareholders L Catterton, OTPP sell 6% stake at 7% discount") on worries over prospects during the COVID-19 pandemic

April 2020

Cineworld shuts all its 787 cinemas across 10 [countries due to the pandemic](https://www.financedigest.com/as-who-pandemic-pact-talks-begin-poor-countries-on-back-foot.html "As WHO pandemic pact talks begin, poor countries on back foot"), and starts talks with lenders for liquidity requirements

The Telegraph [reports Cineworld lenders were exploring](https://www.financedigest.com/research-report-on-food-service-equipment-market-for-exploring-various-growth-dimensions.html "Research Report on Food Service Equipment Market for Exploring Various Growth Dimensions") legal challenges to block takeover of Cineplex

June 2020

Cineworld abandons [deal to buy](https://www.financedigest.com/endeavor-nears-deal-to-buy-vince-mcmahons-wwe-sources.html "Endeavor nears deal to buy Vince McMahon’s WWE -sources") Cineplex, citing breaches in the merger agreement

July 2020

Cineplex says it will sue Cineworld, [seeking damages after Cineworld “wrongfully” scrapped deal; Cineworld plans counter-claim](https://www.financedigest.com/eu-seeks-deal-on-law-preventing-import-of-deforestation-linked-goods.html "EU seeks deal on law preventing import of deforestation-linked goods")

Cineworld theatres reopen after virus-related [restrictions start to ease](https://www.financedigest.com/europe-sees-travel-recovery-as-covid-restrictions-ease.html "Europe sees travel recovery as COVID restrictions ease")

October 2020

Cineworld closes UK and U.S. movie theatres again

May 2021

Cineworld says UK reopening weekend topped expectations as animated comedy “Peter Rabbit 2” drew crowds after [months of lockdown](https://www.financedigest.com/covid-hit-shanghai-to-end-two-month-lockdown-on-june-1.html "COVID-hit Shanghai to end two-month lockdown on June 1")

September 2021

Cineworld [says it will pay $170 million](https://www.financedigest.com/mobile-games-developer-huuuge-says-has-24-2-million-at-svb.html "Mobile games developer Huuuge says has .2 million at SVB") to Regal shareholders, who were disgruntled with takeover price

December 2021

Cineworld [ordered to pay C$1.23 billion](https://www.financedigest.com/uk-orders-housebuilders-to-come-up-with-5-billion-plan-to-remove-cladding.html "UK orders housebuilders to come up with billion plan to remove cladding") ($946.1 million) in damages to Cineplex

February 2022

Cineworld reaches deal to delay payments to [former Regal shareholders](https://www.financedigest.com/shareholder-group-iss-backs-barclays-board-over-former-ceo-staley.html "Shareholder group ISS backs Barclays board over former CEO Staley")

Aug. 17, 2022

Cineworld warns a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to [cut debt that it warned could significantly dilute shareholder interests](https://www.financedigest.com/ecb-raises-interest-rates-again-cuts-bank-subsidies.html "ECB raises interest rates again, cuts bank subsidies")

Aug. 19, 2022

The [Wall Street](https://www.financedigest.com/weary-wall-street-cheers-improved-consumer-confidence.html "Weary Wall Street cheers improved consumer confidence") Journal reports Cineworld is preparing to file for bankruptcy

(SOURCES: Companies’ statements, Reuters reporting, other [media reports)](https://www.financedigest.com/credit-agricole-is-weighing-foray-into-german-car-sharing-media-report.html "Credit Agricole is weighing foray into German car-sharing: media report")

($1 = 0.8462 pounds)

($1 = 1.3001 Canadian dollars)

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


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