As a second round of final bids for the exhibition giant is set for April, the Regal Entertainment-parent continues to negotiate a possible reorganization plan with its lenders.
And while the initial sales process fielded “some strategic interest in the whole business,” Sussberg reported that none of the bids from prospective buyers represented all-cash offers. “And no bid came anywhere near to the $6 billion of securities that exists on the company’s balance sheet today,” the Cineworld lawyer added.
Cineworld and its lenders have set a second final bid deadline for April 10, with a formal auction to be held a week later on April 17. At the same time, on a parallel track, the exhibitor and its creditors continue to negotiate a reorganization support agreement, likely to include a debt-for-equity transaction, to be tentatively considered and possibly approved by the court by the end of May.
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