Cineworld, a major cinema chain, has announced that it will no longer be selling its businesses outside of the United States, the United Kingdom, and Ireland, deadline.com writes.
Although it received offers from several interested parties, none of the proposals met the required value level set by the group’s lenders, according to the article. The businesses that are no longer for sale include cinemas in Israel, Poland, Czech Republic, Slovakia, Hungary, Bulgaria, and Romania.
Cineworld has filed for bankruptcy and is aiming to emerge from Chapter 11 in the first half of this year. The company has earlier decided to cease its search for a buyer for its businesses in the United States, United Kingdom, and Ireland unless a significantly high all-cash bid is offered.
The company hopes that by eliminating the possible sale transactions, it can quickly meet its goal of emerging from Chapter 11.
Cineworld will continue with its proposed restructuring in the Chapter 11 cases and plans to obtain creditor approvals to confirm the plan.
The report notes that the company is continuing to operate its cinemas and honor existing customer membership programs.
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