Refinitiv Newscasts - Cineworld finds no buyer and ditches sale of U.S., UK chains
11/04/2023 10:46
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_6fte6o57&referenceId=tag:reuters.com,2023:newsml_RW238103042023RP1_930&pageId=RefinitivNewscasts Source: Reuters Description: Cineworld said on Monday (April 3) it would no longer put up for sale its U.S., UK and Ireland businesses as the movie chain operator failed to find a buyer for the group, sending shares in the cinema chain operator down 35%. Fiona Jones reports. Short Link: https://refini.tv/42ZkUnw Video Transcript: Cineworld shares plummeted on Monday. That after the movie chain operator failed to find a buyer, and said it would no longer put its US, UK and, Ireland businesses up for sale. The company put a majority of its business under Chapter 11 Bankruptcy protection in the US in September. It said it has proposed a restructuring deal with lenders to reduce debt by around $4.53 billion. The world's second-largest cinema chain also plans to raise $2.26 billion to emerge from bankruptcy under the proposed deal. The firm's CEO said in a statement that its agreement with its lenders represents a vote-of-confidence in the business. The cinema chain said it would continue to consider proposals for the sale of its Rest of World business, comprising operations outside the US, UK and, Ireland. According to Sky News, major investors had last month proposed separate takeover bids for Cineworld's eastern Europe and Israeli operations. Shares in the London-listed company fell as much as 35% in early trade before regaining some ground