UK’s Cineworld to terminate sale process for U.S., UK businesses

(Reuters) – Movie chain operator Cineworld Group said on Monday it will terminate the sale process for its U.S., UK and Ireland businesses after failing to find an all-cash buyer, while also reaching a conditional deal with lenders to exit bankruptcy.

The global company, which is under Chapter 11 bankruptcy protection, said it will continue to consider proposals for the sale of its ‘Rest of World’ business, comprising its operations outside the U.S., UK and Ireland.

A court filing on Sunday showed Cineworld plans to raise $2.26 billion to exit bankruptcy proceedings in the first half of 2023.

“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.