Cineworld closes curtains on international sale
Cineworld has dropped its sales process for its ‘rest of world’ business (excl. UK, Ireland, and the United States).
The cinema chain said it had received a number of offers for its international business however none of these met the value level required by its lenders.
The group is currently undergoing a restructuring process after filing a plan of reorganisation and a disclosure statement with a United States bankruptcy court in Texas.
Recent plans, supported by the chain’s lenders, could see its shareholders wiped out.
Cineworld has previously announced its aim to emerge from the bankruptcy proceedings during the first half of 2023, however it has said that any sale of the company may delay this. Cineworld added that during these proceedings, it will continue “business as usual”.
In April, the chain struck a deal which saw it drop the sales process of its UK, Ireland, and US businesses. Today’s news means that Cineworld is no longer on the market after filing for bankruptcy in September.