Cineworld expects to emerge from Chapter 11 bankruptcy in first half 2023 (updated)
24/02/2023 07:23
(Adds details on proposals, reorganisation plan)
Feb 24 (Reuters) - Cineworld Group CINE.L said on
Friday it expected to emerge from Chapter 11 bankruptcy
protection in the first half of this year but added it did not
see any possible deal providing recovery for the British cinema
chain operator's shareholders.
The world's second biggest cinema chain operator behind AMC
Entertainment AMC.N said it had received initial proposals
from a number of counterparties for some or all of its business
but none of them involved an all-cash bid for the entire
company.
It said talks with certain stakeholders about a possible
plan of reorganisation was also ongoing in parallel with a
potential sale of its assets.
"Whilst the discussions suggest that there is a route to the
company emerging from the Chapter 11 cases, in light of the
level of existing debt that is expected to be released under any
Plan, the Company does not believe that there will be sufficient
creditor support for a Plan that contemplates any recovery for
equity interests," it said in a statement.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi
Aich)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))