Cineworld drops sale of UK and US businesses after failing to find buyer
Business / Tue 4th Apr 2023 at 07:16am
CINEWORLD has said it will raise new funding as it dropped plans to sell its businesses in the US, UK and Ireland after failing to find a buyer reports the BBC.
The troubled cinema chain saw its share price fall by nearly 30% after announcing it would terminate the move.
At the same time, Cineworld said it had struck a deal with its lenders to restructure its substantial debt and exit bankruptcy.
Like other cinemas, Cineworld was hit hard by the pandemic.
Many theatres were forced to close for extended periods during lockdowns, or had to operate at a reduced capacity due to social distancing rules.
They also continue to face tough competition from streaming services.
Cineworld, which is the world’s second-largest cinema chain, filed for bankruptcy in the US in August last year as it struggled under the weight of $5bn (£4bn) in debt.
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