in the U.S. and is laboring under about $5.8B in debt following the impact of the Covid crisis, also noted today that discussions with its key stakeholders are ongoing to develop a proposed reorganization to maximize value.
The world’s second largest cinema circuit will run a “marketing process” seeking a “value maximizing transaction” for the group’s assets which would be focused on the group as a whole. It’s expected that outreach to potential suitors will start this month. This is common practice in Chapter 11 proceedings as lenders want to see if there are any buyers interested in acquiring the entire package. If there is no buyer at the end of the chapter, the lenders would likely become the owners.
The company said it has not initiated and does not intend to initiate a separate marketing process for the sale of any of its assets on an individual basis, nor would a sale of the group as a whole include the sale of Cineworld itself, and thus would not be subject to the UK’s Takeover Code. As previously announced, Cineworld reminded, it is expected that any restructuring or sale transaction agreed with stakeholders will result in a very significant dilution of existing equity interests in the company, and there is no guarantee of any recovery for holders of the existing equity interests.
I hope they Don’t follow in Blockbusters footsteps 😬
The same brains that ran it into the ground making this decision.
They’ll go out of business eventually
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