Cineworld stock hits all-time low

Stock for the parent company of Regal Cinemas has hit an all-time low.

COLUMBIA, S.C. (CNN)— Stock for the parent company of Regal Cinemas has hit an all-time low.

Cineworld stock plummeted 23% Tuesday morning on news shareholders would be wiped out.

The company said it had submitted a plan to a U.S. bankruptcy court to reorganize the world’s second biggest movie theater operator.

The new of a shareholder wipe-out confirmed a prediction Cineworld had made in February.

That followed the company’s report the pandemic cost it $3.3 billion.