Owner of Regal cinemas files for bankruptcy.

Regal cinemas blames the COVID-19 outbreak for reduced attendance and postponed film schedules.

Cineworld group, the world's second-largest movie theatre operator, has "commenced chapter 11 litigation" to eliminate business debt.

The London-based corporation owns 500 Regal cinemas in the U.S, and Cineworld and picture house in Britain.

Cineworld expects to emerge from chapter 11 in the first quarter of 2023 and believes a complete financial reorganistion is in its long-term best interest.

Cineworld predicted the covid-19 epidemic cost $2.7 billion in 2020 and $566 million in 2021. cineworld shuttered hundreds of cineworlds, Regal, and picturehouse cinemas in October.

Movie theatre attendance climbed early this summer with "Top gun: Maverick" and "jurassic park: Dominion," but plummeted in august with few new releases and many films heading directly to straming.

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