DNAA - CNWGY Stock Alert: What to Know as Cineworld Faces Possible Bankruptcy
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Cineworld (OTCMKTS:CNWGY) stock is in the news again Monday as the movie theater chain reveals plans to file for bankruptcy protection in the U.S.
This news comes after reports on Friday claimed the theater chain would do just that. They also stated that the company would start insolvency proceedings in the U.K. The bankruptcy filing will allow the company to negotiate with creditors.
Investors in CNWGY stock are rattled by the bankruptcy filing news today. While the company can come out of bankruptcy, it’s never a good sign when one has to go into it. However, it’s possible a restructuring of the company could allow give it a second chance in the theater business.
On the customer side of things, there won’t be any major changes just yet. While going through bankruptcy, Cineworld will continue normal operations. That includes maintaining its benefits for Cineworld Unlimited members.
Cineworld is also looking to keep going long-term despite this bankruptcy filing. In a statement, the company said it will maintain current operations and that the filings wouldn’t affect its employees.
Today’s news has CNWGY stock seeing heavy trading this morning. As of this writing, over 400,000 shares of the stock have changed hands. That’s a massive jump compared to its daily average trading volume of about 101,000 shares.
CNWGY stock is down 16.7% as of Monday morning and is down 91.3% since the start of the year.
There’s more stock market news worth diving into below!
We’ve got all of the latest stock market news for Monday! That includes why Social Capital Suvretta Holdings (NASDAQ:DNAA) stock is rising, this morning’s biggest pre-market stock movers, and more. You can catch up on all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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