On Monday, Cineworld Group (CINE.L) said it would cease selling its U.S., U.K., and Ireland operations after failing to find an all-cash buyer and striking a conditional arrangement with lenders to leave bankruptcy.
The Chapter 11 bankruptcy-protected worldwide corporation said it would continue to explore offers for the sale of its “Rest of World” division, which includes operations outside the U.S., U.K., and Ireland.
Cineworld filed Sunday to raise $2.26 billion to leave bankruptcy in the first half of 2023.
“This agreement with our lenders marks a ‘vote-of-confidence’ in our business and significantly advances Cineworld towards realizing its long-term goal in a changing entertainment industry,” CEO Mooky Greidinger said.
London-based Cineworld Group plc operates cinemas. The world’s second-largest theater network has 9,518 screens in 790 locations in 10 countries: Bulgaria, the Czech Republic, Hungary, Ireland, Israel, Poland, Romania, Slovakia, the UK, and the US.
