UK's Cineworld to terminate sale process for U.S., UK businesses (updated)
03/04/2023 07:44
(Adds CEO comment, debt raise details)
April 3 (Reuters) - Movie chain operator Cineworld Group
CINE.L said on Monday it will terminate the sale process for
its U.S., UK and Ireland businesses after failing to find an
all-cash buyer, while also reaching a conditional deal with
lenders to exit bankruptcy.
The global company, which is under Chapter 11 bankruptcy
protection, said it will continue to consider proposals for the
sale of its 'Rest of World' business, comprising its operations
outside the U.S., UK and Ireland.
A court filing on Sunday showed Cineworld plans to raise
$2.26 billion to exit bankruptcy proceedings in the first half
of 2023.
"This agreement with our lenders represents a
'vote-of-confidence' in our business and significantly advances
Cineworld towards achieving its long-term strategy in a changing
entertainment environment," CEO Mooky Greidinger said in a
statement.
(Reporting by Aby Jose Koilparambil and Yadarisa Shabong in
Bengaluru; Editing by Sonia Cheema)
((abyjose.koilparambil@thomsonreuters.com; +917483275231;))