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Cinemas under Spotlight as Cineworld Stares at Possible Bankruptcy

A Cineworld cinema near Manchester, Britain, October 4, 2020. REUTERS/Phil Noble
A Cineworld cinema near Manchester, Britain, October 4, 2020. REUTERS/Phil Noble
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Cinemas under Spotlight as Cineworld Stares at Possible Bankruptcy

A Cineworld cinema near Manchester, Britain, October 4, 2020. REUTERS/Phil Noble
A Cineworld cinema near Manchester, Britain, October 4, 2020. REUTERS/Phil Noble

The potential bankruptcy of world No.2 cinema operator Cineworld is shining a spotlight on the wider industry as it struggles to recover from the pandemic and compete with the growing popularity of streaming, Reuters reported.

Debt-laden Cineworld, which owns the Regal chain in the United States and runs theatres in nine other countries, said last week a lack of blockbusters was keeping movie-goers away and impacting its cash flows.

Last week, AMC Entertainment Holding Inc also flagged a tough third quarter due to a slim film slate. Its shares plunged 38% in early US trading on Monday.

Cineworld shares, which hit a record low on Friday after the Wall Street Journal first reported its potential bankruptcy, were down 26% to 3 pence at 1340 GMT. That compares with a peak of more than 310 pence in 2017.

Cineworld, which had $8.9 billion of net debt at the end of 2021 and had already said it was looking at ways to restructure its balance sheet, confirmed on Monday one option was a voluntary Chapter 11 bankruptcy filing in the United States.

"Cineworld would expect to maintain its operations in the ordinary course until and following any filing," said the London-listed company, which operates more than 9,000 screens and employs around 28,000 people.

While Cineworld's specific issue is its debt pile, the broader change in how audiences want to watch movies is a trend unlikely to reverse or get any easier for cinema chains, Hargreaves Lansdown analyst Sophie Lund-Yates said.

"Cineworld's challenges are a warning for the entire sector," she said.

A Chapter 11 filing can allow a company to stay in business and restructure its debt.

"But since the company owns so little in the way of tangible assets, much of its debt will be unrecoverable and its equity holders will be wiped out," said Barry Norris, fund manager at Argonaut Capital.

Cineworld, which declined to comment on the hedge fund's remarks, said it was in talks with many of its major stakeholders, including lenders and legal and financial advisers, and reiterated any deleveraging transaction would lead to very significant dilution of existing equity interests.

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Entertainment

Music World Mourns Ghana's Ebo Taylor, Founding Father of Highlife

Ebo Taylor, who kept performing into his 80s, was instrumental in introducing Ghanaian highlife to international listeners. Nipah Dennis / AFP
Ebo Taylor, who kept performing into his 80s, was instrumental in introducing Ghanaian highlife to international listeners. Nipah Dennis / AFP
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Music World Mourns Ghana's Ebo Taylor, Founding Father of Highlife

Ebo Taylor, who kept performing into his 80s, was instrumental in introducing Ghanaian highlife to international listeners. Nipah Dennis / AFP
Ebo Taylor, who kept performing into his 80s, was instrumental in introducing Ghanaian highlife to international listeners. Nipah Dennis / AFP

Tributes have been pouring in from across Ghana and the world since the death of Ghanaian highlife legend Ebo Taylor.

A guitarist, composer and bandleader who died on Saturday, Taylor's six-decade career played a key role in shaping modern popular music in West Africa, said AFP.

Often described as one of the founding fathers of contemporary highlife, Taylor died a day after the launch of a music festival bearing his name in the capital, Accra, and just a month after celebrating his 90th birthday.

Highlife, a genre blending traditional African rhythms with jazz and Caribbean influences, was recently added to UNESCO's Intangible Cultural Heritage list.

"The world has lost a giant. A colossus of African music," a statement shared on his official page said. "Your light will never fade."

The Los Angeles-based collective Jazz Is Dead called him a pioneer of highlife and Afrobeat, while Ghanaian dancehall star Stonebwoy and American producer Adrian Younge, who his worked with Jay Z and Kendrick Lamar, also paid tribute to his legacy.

Nigerian writer and poet Dami Ajayi described him as a "highlife maestro" and a "fantastic guitarist".

- 'Uncle Ebo' -

Taylor's influence extended far beyond Ghana, with elements of his music appearing in the soul, jazz, hip-hop and Afrobeat genres that dominate the African and global charts today.

Born Deroy Taylor in Cape Coast in 1936, he began performing in the 1950s, as highlife was establishing itself as the dominant sound in Ghana in the years following independence.

Known for intricate guitar lines and rich horn arrangements, he played with leading bands including the Stargazers and the Broadway Dance Band.

In the early 1960s, he travelled to London to study music, where he worked alongside other African musicians, including Nigerian Afrobeat pioneer Fela Kuti.

The exchange of ideas between the two would later be seen as formative to the development of Afrobeat, a political cocktail blending highlife with funk, jazz and soul.

Back in Ghana, Taylor became one of the country's most sought-after arrangers and producers, working with stars such as Pat Thomas and CK Mann while leading his own bands.

His compositions -- including "Love & Death", "Heaven", "Odofo Nyi Akyiri Biara" and "Appia Kwa Bridge" -- gained renewed international attention decades later as DJs, collectors and record labels reissued his music. His grooves were sampled by hip-hop and R&B artists and helped introduce new global audiences to Ghanaian highlife.

Taylor continued touring into his 70s and 80s, performing across Europe and the United States as part of a late-career renaissance that cemented his status as a cult figure among younger musicians.

Many fans affectionately referred to him as "Uncle Ebo", reflecting both his longevity and mentorship of younger artists.

For many, he remained a symbol of highlife's golden era and of a generation that carried Ghanaian music onto the world stage.

Entertainment

'Send Help' Repeats as N.America Box Office Champ

Canadian actor Rachel McAdams and US actor Dylan O'Brien pose upon arrival on the red carpet for the UK premiere of the film 'Send Help' in central London on January 29, 2026. (Photo by CARLOS JASSO / AFP)
Canadian actor Rachel McAdams and US actor Dylan O'Brien pose upon arrival on the red carpet for the UK premiere of the film 'Send Help' in central London on January 29, 2026. (Photo by CARLOS JASSO / AFP)
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'Send Help' Repeats as N.America Box Office Champ

Canadian actor Rachel McAdams and US actor Dylan O'Brien pose upon arrival on the red carpet for the UK premiere of the film 'Send Help' in central London on January 29, 2026. (Photo by CARLOS JASSO / AFP)
Canadian actor Rachel McAdams and US actor Dylan O'Brien pose upon arrival on the red carpet for the UK premiere of the film 'Send Help' in central London on January 29, 2026. (Photo by CARLOS JASSO / AFP)

Horror flick "Send Help" showed staying power, leading the North American box office for a second straight week with $10 million in ticket sales, industry estimates showed Sunday.

The 20th Century flick stars Rachel McAdams and Dylan O'Brien as a woman and her boss trying to survive on a deserted island after their plane crashes.
It marks a return to the genre for director Sam Raimi, who first made his name in the 1980s with the "Evil Dead" films.

Debuting in second place at $7.2 million was rom-com "Solo Mio" starring comedian Kevin James as a groom left at the altar in Italy, Exhibitor Relations reported.

"This is an excellent opening for a romantic comedy made on a micro-budget of $4 million," said analyst David A. Gross of Franchise Entertainment Research, noting that critics and audiences have embraced the Angel Studios film.

Post-apocalyptic Sci-fi thriller "Iron Lung" -- a video game adaptation written, directed and financed by YouTube star Mark Fischbach, known by his pseudonym Markiplier -- finished in third place at $6.7 million, AFP reported.

"Stray Kids: The Dominate Experience," a concert film for the K-pop boy band Stray Kids filmed at SoFi Stadium in Los Angeles, opened in fourth place at $5.6 million.

And in fifth place at $4.5 million was Luc Besson's English-language adaptation of "Dracula," which was released in select countries outside the United States last year.

Gross called it a "weak opening for a horror remake," noting the film's total production cost of $50 million and its modest $30 million take abroad so far.

Rounding out the top 10 are:
"Zootopia 2" ($4 million)
"The Strangers: Chapter 3" ($3.5 million)
"Avatar: Fire and Ash" ($3.5 million)
"Shelter" ($2.4 million)
"Melania" ($2.38 million)

Entertainment

Rapper Lil Jon Confirms Death of His Son, Nathan Smith

Lil Jon performs at Gronk Beach music festival during Super Bowl week on Saturday, Feb. 11, 2023, at Talking Stick Resort in Scottsdale, Ariz. (AP)
Lil Jon performs at Gronk Beach music festival during Super Bowl week on Saturday, Feb. 11, 2023, at Talking Stick Resort in Scottsdale, Ariz. (AP)
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Rapper Lil Jon Confirms Death of His Son, Nathan Smith

Lil Jon performs at Gronk Beach music festival during Super Bowl week on Saturday, Feb. 11, 2023, at Talking Stick Resort in Scottsdale, Ariz. (AP)
Lil Jon performs at Gronk Beach music festival during Super Bowl week on Saturday, Feb. 11, 2023, at Talking Stick Resort in Scottsdale, Ariz. (AP)

American rapper Lil Jon said on Friday that his son, Nathan Smith, has died, the record producer confirmed in a joint statement with Smith’s mother.

"I am extremely heartbroken for the tragic loss of our son, Nathan Smith. His mother (Nicole Smith) and I are devastated,” the statement said.

Lil Jon described his son as ‌an “amazingly talented ‌young man” who was ‌a ⁠music producer, artist, ‌engineer, and a New York University graduate.

“Thank you for all of the prayers and support in trying to locate him over the last several days. Thank you to the entire Milton police department involved,” the “Snap ⁠Yo Fingers” rapper added.

A missing persons report was ‌filed on Tuesday for Smith ‍in Milton, Georgia, authorities ‍said in a post on the ‍Milton government website.

Police officials added that a broader search for Smith, also known by the stage name DJ Young Slade, led divers from the Cherokee County Fire Department to recover a body from a pond near ⁠his home on Friday.

"The individual is believed to be Nathan Smith, pending official confirmation by the Fulton County Medical Examiner’s Office,” the post continued.

While no foul play is suspected, the Milton Police Department Criminal Investigations Division will be investigating the events surrounding Smith’s death.

Lil Jon is a Grammy-winning rapper known for a string ‌of chart-topping hits and collaborations, including “Get Low,” “Turn Down for What” and “Shots.”