UK's Cineworld tumbles on termination of sale process for U.S., UK businesses

Cineworld

03/04/2023 08:28

** Shares of movie chain operator Cineworld Group  CINE.L 
down 38% at 1.8p - top pct loser among London stocks
    ** Stock hits its lowest level since Aug. 19 
    ** Co says it will terminate the sale process for its U.S.,
UK and Ireland businesses after failing to find an all-cash
buyer
    ** Co also reaches a conditional deal with lenders to exit
bankruptcy
    ** Says it will continue to consider proposals for the sale
of its 'Rest of World' business, comprising operations outside
the U.S., UK and Ireland
    ** In a court filing on Sunday, co says it plans to raise
$2.26 bln to exit bankruptcy proceedings in the first half of
2023
    ** Stock down ~42% YTD

 (Reporting by Radhika Anilkumar in Bengaluru)
 ((Radhika.Anilkumar@thomsonreuters.com))