Cineworld has received “multiple indicative bids” for all or some of its assets and “some strategic interest” in the whole business, according to the exhibition giant’s legal counsel.
Prospective bids have included “many offers” for Cineworld’s assets in Central and Eastern Europe and Israel, said the counsel, but those offers did not also cover the Cineworld Picturehouse cinemas in the UK and Ireland, nor the company’s Regal chain in the US.
Cineworld attorney Joshua Sussberg spoke at a status conference regarding the restructuring of the company in a Texas bankruptcy court. He stated that there have been “multiple indicative bids” for Cineworld’s assets in Central and Eastern Europe and Israel. However, those bids did not include Cineworld Picturehouse cinemas in the UK and Ireland, nor the company’s Regal chain in the US. [sic]Cineworld proposes an April 10 deadline for final bidding, with an auction if necessary. A vote on restructuring is scheduled for May 21. A confirmation hearing by the court is tentatively scheduled for May 30.
The second largest global exhibitor Cineworld filed bankruptcy in the US last September. Since then, speculation has been swirling about its sale. Sussberg stated that Cineworld, the second largest global exhibitor, filed for bankruptcy in the US last September and has been the subject of speculation ever since.
