Cineworld Declares It Wants to Recover from Bankruptcy Act

Cineworld Group Plc stated that it plans to emerge from bankruptcy unscathed after senior lenders were reported to have been considering a sale of its east European operations.

In September, the Texas Chapter 11 bankruptcy filing was filed by the London-based company to reduce a nearly $9 billion pile of debt and leases.

A spokesperson for Cineworld stated that the company is committed to continuing to work with key stakeholders to create a Chapter 11 restructuring plan that maximizes value for moviegoers and other stakeholders. “Cineworld has never initiated and will not initiate an individual auction for any of its US or U.K [rest of the world] businesses.”

This statement comes after a Bloomberg News report that Cineworld’s creditors held talks on Friday about dissolving the chain and selling its eastern European operations. People familiar with the matter said that Cineworld’s senior creditors were considering selling Cinema City, Yes Planet, and Rav-Chen to an Israeli company. These eastern European operations include cinemas located in Poland, Hungary, and Romania.

Covid-19 closed down theatres around the world and halted film production. Cineworld, the second-largest theatre chain in the world, is still struggling to recover from pre-pandemic.

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