Cineworld landlord files winding up petition against cinema chain
One of Cineworld’s landlords has sent a winding up petition to the cinema chain following several High Court claims.
According to filings, the claim was presented on Monday and it is understood that it was filed by the landlord of the Picturehouse cinema in Piccadilly.
The cinema’s landlord won a £2.9m lawsuit against Cineworld last year over unpaid pandemic rent, the Times first reported.
Cineworld, which operates 751 cinemas in ten countries, has received several claims for unpaid rent over the past few years – including a £1.1m claim for the Picturehouse cinema on Fulham Road.
Sources told the outlet a judgement was yet to be given in the Fulham Road case, which was filed in August last year.
The news comes as the cinema chain announced it was voluntarily seeking a Chapter 11 bankruptcy filing in the US, sending shares down 25 per cent.
The company said it was looking to gain liquidity for the potential restructuring of its balance sheet, adding the move would not have a significant impact on employees, Morning Wire reported.
Cineworld has been hit particularly hard by the pandemic, losing 94 per cent of its share price value in the past 12 months.
The cinema operator had £4bn worth of debt at the end of the last financial year.