Cineworld plunges on shareholder equity wipe-out concerns

Cineworld

24/02/2023 08:40

** Shares of Cineworld Plc  CINE.L  down 43% at 2.25p, top
pct loser across London stocks  .FTAS 
    ** The world's second-biggest cinema chain operator says
shareholder equities may be wiped out after it fails to get any
all-cash bid for entire co
    ** Cineworld says it in talks with certain stakeholders for
possible plan of reorganisation along with potential sale of
assets
    ** While there is a route for co to emerge from the Chapter
11 cases, it does not believe that there will be sufficient
creditor support for a plan to recover equity interest - CINE 
    ** Co expects to emerge from bankruptcy in H123 
    ** Stock on track to log worst day since Aug 19, if trend
holds 
    ** Up to last close, stock up ~9% so far this year, after
plunging ~87% in 2022 
 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))