statement. “With a growing slate of blockbusters and audiences returning to cinemas in increasing numbers, Cineworld is poised to continue offering moviegoers the most immersive cinema experiences and maintain its position as the ‘Best Place to Watch a Movie.”The proposed restructuring does not provide any recovery for holders of Cineworld’s existing equity interests.In addition to the agreement with lenders, Cineworld plans to abandon its effort to sell the group’s business in the U.S., U.K and Ireland, absent an “all cash bid significantly in excess of the value established under the Proposed Restructuring.”On February 24, Cineworld received non-binding proposals for some or all of the group’s assets from a number of potential transaction counterparties.
The company noted that it continues to consider the proposals received with respect to its Rest of the World business outside of the U.S., U.K.
and Ireland and a process is underway with the bidders to assess whether a sale can be completed.“It is expected that the Plan will provide sufficient flexibility to accommodate a sale of the RoW Business, assuming that the Marketing Process leads to a sale transaction supported by the Group Chapter 11 Companies and their stakeholders,” Cineworld said. “As previously announced, it is not expected that any sale transaction would provide any recovery for holders of the Company’s equity interests.”Cineworld expects to emerge from the Chapter 11 cases in the first half of 2023.
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