National CineMedia Files for Bankruptcy as Latest Casualty of Cinema Slump
A movie-theater advertising company is moving forward with its chapter 11 bankruptcy proceedings after its major customer, Cineworld, announced it is seeking to break ties.
National CineMedia LLC filed for bankruptcy Tuesday. The largest movie-theater advertising business in North America filed for bankruptcy after years of difficulties due to a declining attendance at cinemas and the increasing threat from streaming.
NCM LLC filed a chapter 11 petition at the U.S. Bankruptcy Court Houston. It had a prearranged agreement to trade approximately $1 billion of debt with lenders for full ownership of NCM LLC, which is the main operating entity of the publicly traded parent company.