All the Greater Manchester Cineworld locations at risk of closing down as cinema goes into administration
Nearly 130 Cineworld cinema locations all across the UK are at risk of closing down due to the chain collapsing into administration.
Last year, the US company that also owns Arts Picturehouse chains filed for bankruptcy after failing to recover from Covid-19 and is continuing to struggle to find someone to takeover. On Friday , the chain said it had been approached by potential buyers interested in a buyout. Despite this, none of them was supposedly willing to pay outright against the backdrop of a hefty £5 billion debt.On Friday, Cineworld said: “The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group’s business. None of these proposals involves an all-cash bid for the entire business.
“The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company’s equity interests.
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