New Ealing cinema under threat after Cineworld face uncertainty
By Joe Acklam
12th Apr 2023 | Local News
The new Picturehouse Cinema which was set to open soon could be in jeopardy after owners Cineworld look in greater uncertainty.
A new eight-screen Picturehouse has been "coming soon" to Filmworks Walk in central Ealing may never open after documents filed by parent company Cineworld in a Texas bankruptcy court suggest that it may not be able to stay afloat long enough to complete the deal with creditors.
Cineworld filed for Chapter 11 Bankruptcy in 2022 but had announced last week that a deal had been reached for creditors to take full control of the business with shareholders being wiped out.
However, this latest update suggests that they might not have the cashflow required at its current depressed levels to fund the company until it exits bankruptcy.
Cineworld still expect to exit Chapter 11 Bankruptcy during the first half of this year, and they are still working on a plan, but a potential sale of operations outside of the US could further hold that process up.
It is not yet clear how this will impact the opening of the new cinema in Ealing or whether a prospective new owner would want to continue with any expansion projects.
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