Cineworld to file for administration as part of financial restructuring

Troubled cinema chain Cineworld has said it will file for administration in the UK as part of a restructuring plan that is set to wipe out shareholders.

The world’s second-largest cinema chain said it will apply for administration for the London-listed company in July, which will see shares in the firm suspended.

But it stressed the move will not impact the British operations for the holding company, with cinemas continuing to remain open as usual.