Cineworld has abandoned plans to sell its cinemas in Eastern Europe and Israel, saying that the offers it received did not meet the value required by its lenders.
Cineworld placed the majority of its business under US Chapter 11 bankruptcy protection in September.
However, the company’s ‘Rest of World’ business – spanning operations in Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel - is not under bankruptcy protection.
In a statement, Cineworld said: “The group received proposals for the RoW Business from a number of prospective counterparties, however the proposals did not meet the value level required by the group’s lenders.”
Earlier this month, Cineworld also announced that it had dropped plans to sell its businesses in the US, UK and Ireland.
Last week, Cineworld filed a reorganisation plan that will help it to exit bankruptcy but will largely wipe out existing shareholders.
Cineworld confirmed today that it still expects to emerge from Chapter 11 during the first half of 2023.
Cineworld is the second largest exhibitor in the world, and also operates the Regal, Cinema City, Picturehouse and Planet cinema circuits.
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