UK's Cineworld scraps planned sale of Eastern European, Israeli operations (updated)
18/04/2023 07:28
(Adds detail on RoW business, background)
April 18 (Reuters) - British cinema chain operator
Cineworld CINE.L said on Tuesday it has abandoned the planned
sale of its businesses in Eastern Europe and Israel, saying the
proposals it got did not meet the value needed by its lenders.
The world's second-largest cinema chain operator after AMC
Entertainment AMC.N placed the majority of its business under
U.S. Chapter 11 bankruptcy protection in September.
The company's business operations in Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania and Israel,
clubbed under its 'Rest of World' business, is not under
bankruptcy protection and accounted for about 13% of its revenue
in 2021.
Earlier this month, Cineworld
scrapped plans
to sell its U.S., UK and Ireland businesses after failing
to find a buyer, and filed a reorganisation plan to cut debt by
about $4.53 billion and raise $2.26 billion in funds to emerge
from bankruptcy.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Dhanya
Ann Thoppil and Nivedita Bhattacharjee)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))