People walk past a Cineworld in Leicester's Square, amid the coronavirus disease outbreak in London, Britain, October 4, 2020. REUTERS/Henry Nicholls/File Photowill focus on a sale of the group as a whole rather than individual assets, the British cinema operator said on Tuesday, sending the troubled company's shares sharply lower.
The company, the finances of which were also bled by aggressive expansion including its move into the United States, has warned that any restructuring or sale will result in significant dilution of equity interests with no guarantee of recovery for existing investors. "Shareholders have been told on numerous occasions that their investment could be significantly diluted ... so the situation is more about getting back pennies in the pound rather than waiting for a big payday," AJ Bell investment director Russ Mould said in a note.The company, which announced a
agreement with its landlords and lenders in October, said it expects to begin approaching potential buyers this month.
Source: News Formal (newsformal.com)
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