Cineworld Group to File for Restructuring, Transfer Assets to Subsidiary

Cineworld will file for administration in the UK as part of a restructuring plan that will wipe out shareholders.
Cineworld Group will file for administration as part of a proposed restructuring plan.
Cineworld Group will file for administration in the U.K. while continuing business as usual.
Once administrators are appointed,Cineworld's assets will be transferred to a new company controlled by the group's lenders.
The top management of Cineworld are to receive up to $35 million to exit the company as it emerges from Chapter 11 proceedings.