Cineworld said it will now halt the potential sale efforts for the businesses in the UK, US and Ireland.
chain Cineworld has said it will raise 2.26 billion US dollars in new funding as part of a plan to exit bankruptcy and terminate a planned sale of its US, UK and Irish businesses.
It has now said it will restructure its roughly five billion dollar debt pile in order to emerge from the Chapter 11 bankruptcy during the first half of 2023. However, after struggling to find an acceptable offer, it said on Monday it will now halt the potential sale efforts for the businesses in the UK, US and Ireland.Mooky Greidinger, chief executive of Cineworld, said: “This agreement with our lenders represents a ‘vote-of-confidence’ in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment.
The group said it will continue to trade as “business as usual” throughout the financial restructuring process.
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