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Cineworld shares halve as cinema chain enters rescue talks
London-listed company blames lack of blockbusters after debt soars to $4.8bn during Covid crisis
Cineworld’s market value more than halved after the world’s second-largest cinema chain said it was in talks with stakeholders about a financial rescue package, blaming a lack of blockbuster films for lower-than-expected admissions.
The London-listed company, which has run up debt of more than $4.8bn after losses soared during the pandemic, said despite the success of hits such as Top Gun: Maverick, starring Tom Cruise, not enough films were hitting cinemas.
Read the original article at The Guardian