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.
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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.