Cineworld brings in consultants as it stares up $8bn debt pile
Ailing cinema operator Cineworld has brought in advisers AlixPartners as it looks to restructure its debt, it was reported on Thursday.
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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.