Bankrupt Cineworld Says It Had Lowball Bids “For All Or Some” Assets; Hopes To File Restructuring Plan Next Week
deadline.comBankrupt Regal parent Cineworld said it had multiple bids for all or some of its assets in initial expressions of interest due last week.
Its business includes Regal in the U.S.; Cineworld and Picturehouse in the U.K. and Ireland; and “rest of world” cinemas in Central and Eastern Europe, and Israel.
Cineworld attorney Joshua Sussberg told Texas Bankruptcy Court Judge Marvin Isgur at a hearing today that its outreach to 40 potential buyers resulted in “many” offers for the rest-of-world assets and “some strategic interest in the full business” – meaning the entire company.
But, he noted, “We did not receive any all-cash bids, and no bid came anywhere clear the $6 billion of secured indebtedness that exists on on the company’s balance sheet today.” It’s keeping the sale process going with a final bid deadline of April 10, but now seems to be mostly leaning into a restructuring plan that is taking shape after months of delay and could be filed with the court next week. “I admit there are some major issues still outstanding, but we are committed to do what it takes,” Sussberg said.
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