Cineworld Reaches Conditional Agreement With Lenders To Emerge From Chapter 11

Regal parent Cineworld has decided to terminate the marketing process for its businesses outside of the U.S., UK and Ireland. Although it received offers from “a number of prospective counterparties,” the proposals “did not meet the value level required by the group’s lenders,” the exhibition giant said today. The so-called “rest of world” businesses include cinemas in Israel, Poland, Czech Republic, Slovakia, Hungary, Bulgaria and Romania.

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.

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Further to its April 3 announcement that it had reached a conditional agreement with lenders to emerge from Chapter 11, Regal owner Cineworld today submitted its reorganization plan to the U.S. Bankruptcy Court for the Southern District of Texas. 

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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.

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An attorney for bankrupt movie theater chain Cineworld said today it has “several” interested parties eyeing its business in “rest of world” — meaning Europe outside the UK, and Israel — but nothing pending for the entire company, or, it seems for Regal in the U.S.

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