Cineworld in Yate set to close
The troubled cinema operator have had restructuring plans approved by a High Court judge
Cineworld in Yate is set to shut this weekend.
It's one of five Cineworld cinemas closing down in the UK.
Four companies which form part of troubled cinema operator have had restructuring plans approved by a High Court judge, staving off the threat of administration.
Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd, which are parts of the UK arm of the world's second-largest cinema chain, were at risk of entering administration if the restructuring was not approved, the court heard.
Mr Justice Miles approved the restructuring on Monday, stating in a written judgment that "the court should exercise its discretion in favour of sanctioning the plans".
Barrister Tom Smith KC, told the court on Thursday that they are "presently unprofitable" after being "severely adversely impacted" by the Covid-19 pandemic and strikes by screen actors and writers last year.
Following the ruling, a Cineworld spokesperson said: "We are pleased that the court has approved our restructuring plan.
"This will enable us to re-set the business for the long-term and ensure a sustainable future for Cineworld in the UK."