Patrick Frater Asia Bureau Chief Beleaguered multinational cinema operator, Cineworld says that has halted its attempt to sell off its businesses outside the U.S., U.K.
and Ireland. This appears to mean that the group will remain intact as it seeks a pathway out of the U.S. Chapter 11 bankruptcy strictures. “The group received proposals for the [rest of the world] business from a number of prospective counterparties, however the proposals did not meet the value level required by the group’s lenders,” Cineworld said in a statement on Tuesday.
Cineworld owns the Regal cinema chain in the U.S. and is the second largest movie theater operator in the world. Its shares are listed in the U.K.
Earlier this month, Cineworld confirmed that it had formally filed a plan of reorganization with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division and that it aims to exit Chapter 11 during the first half of 2023.
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