Shareholders in struggling cinema operator Cineworld would see their investments wiped out under plans to restructure the business and exit bankruptcy.
The London-listed company has filed a reorganisation plan with an American bankruptcy court to restructure some £4bn in debt and exit Chapter 11 bankruptcy protection in the coming months.
But the group said its level of debt meant “the proposed restructuring does not provide for any recovery for holders of Cineworld’s existing equity interests”.
