Cineworld said it would no longer put up for sale its US, UK and Ireland businesses as the movie chain operator failed to find a buyer for the group, sending shares in the cinema chain operator down 35%
Under a new tentative deal with lenders it said it aimed to reduce debt by about $4.53 billion, mainly through creditors getting equity in a reorganised group.The plan also includes raising"This agreement with our lenders represents a 'vote-of-confidence' in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment," CEO Mooky Greidinger said in a statement.
The company said it would continue to consider proposals for the sale of its 'Rest of World' business, which accounted for about 13% of its revenue in 2021 and comprises operations in Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.separate takeover bids for its eastern Europe and Israeli operations, Sky News reported.On Monday they tumbled as much as 38% to 1.8 pence in early trade.
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