Cineworld owners have been granted a stay of execution in a High Court hearing today, meaning five UK sites will close - but one has been saved.
Cineworld has announced the fate of its UK cinemas, revealing which locations are set to shut down and which have been spared - including one in Glasgow.
The court has given the green light to restructuring plans for four of Cineworld's companies: Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd, and Cineworld Estates Ltd. This move paves the way for an essential £16 million cash injection from their indirect parent company to cover urgent financial obligations, with the possibility of an additional £35 million on the horizon.
Stuart Bray, the leader of Hinckley and Bosworth Borough Council, expressed his delight: "This is excellent news for the town, for the taxpayer, for Cineworld employees and for local businesses. Not only does it safeguard the future of this great facility in Hinckley town centre. It also ensures the taxpayer continues to receive a rental income from Cineworld which helps to fund our public services.
"The amount of interest we've had from alternative cinema operators for this site shows that keeping the facility is the right decision. I thank those operators for coming forward and for the interest they have shown in Hinckley."
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