Regal’s bankrupt parent Cineworld said last week it had made several bids for all or some of its assets in initial expressions of interest. The company includes Regal in the US; Cineworld and Picturehouse in the UK and Ireland; and “Rest of the World” theaters in Central and Eastern Europe and Israel.
Cineworld attorney Joshua Sussberg told Texas Bankruptcy Court Judge Marvin Isgur at a hearing today that the contact with 40 potential buyers resulted in “many” offers for the rest of the world and “a strategic interest in the entire company.” – ie the whole company. – Led. But he noted: “We have received no cash offers and no offers have come close to the $6 billion in secured debt on the company’s balance sheet today.”
It is keeping the sale process moving with a final offer deadline of April 10, but now appears to be leaning mostly on a restructuring plan that is taking shape after months of delays and could go to court next week.
“I recognize there are still some major issues, but we are committed to doing what is necessary,” Sussberg said.
A hearing is tentatively scheduled for May 30 to vote on the restructuring plan, which will outline how the company and its lenders plan to emerge from bankruptcy.
Cineworld filed for Chapter 11 in September, unable to recover from Covid, a subsequent slow studio release schedule and the mountain of debt. In Regal’s case, some industries also blamed the quality of some of its theaters, although the company, run by Mooky Greidiger and founded by his grandfather, objected at a previous hearing. She closed theaters and renegotiated with landlords.
Cineworld began announcing the sale process after talks with the creditors’ committee appeared to have stalled.
Sussberg emphasized that things went better in January and February Avatar: The Way of Water And Ant Man & The Wasp: Quantumania and that a recovery seems to continue throughout the summer as the pace of tent poles increases.
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Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
