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UK’s Cineworld to not sell assets individually, denies talks with AMC
Global Banking & Finance Review®
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(Reuters) -Cineworld, the British cinema operator in bankruptcy proceedings, said on Tuesday it would not sell any of its assets individually, and that it had not held discussions with AMC Entertainment about the sale of any of its theatres.
(Reuters) -Cineworld, the British cinema operator in bankruptcy proceedings, said on Tuesday it would not sell any of its assets individually, and that it had not held discussions with AMC Entertainment about the sale of any of its theatres.
The British company said it would focus on selling the group as a whole rather than disposing of individual assets, along with its restructuring efforts, and was expecting to start reaching out to potential parties for a sale later this month.
Cineworld said on Tuesday it had not held discussions with AMC about the sale of any of its cinema assets, in response to media reports, and that talks about a reorganisation of its U.S. operations were ongoing.
In October, Cineworld, the world’s second-largest cinema chain operator, announced a bankruptcy settlement with its landlords and lenders, clearing the way for the company to borrow funds and make a $1 billion debt repayment.
AMC last month said it was no longer in talks to buy some theatres owned by Cineworld following initial talks with some lenders.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Saumyadeb Chakrabarty and Nivedita Bhattacharjee)
Bankruptcy is a legal process through which individuals or businesses unable to repay their debts can seek relief from some or all of their obligations. It allows for the reorganization or liquidation of assets to pay creditors.
Debt instruments are financial assets that represent a loan made by an investor to a borrower. They include bonds, notes, and debentures, and typically involve the payment of interest over time.
Corporate strategy refers to the overall plan and direction a company takes to achieve its goals and objectives. It encompasses decisions regarding resource allocation, mergers and acquisitions, and market positioning.
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