A lawyer for bankrupt cinema chain Cineworld said today he has “several” interested parties keeping an eye on its affairs in the “rest of the world” – meaning Israel and Europe outside the UK – but for the whole company, or how it seems like nothing is hanging shelf in the US
Final bids are due April 10, said Joshua Sussberg of Kirland Ellis. Two strategic prospects may have been interested in the entire company, but offers were too low to consider further development. Meanwhile, he said, a major restructuring plan is nearly complete as Regal, its lenders and unsecured creditors “cross the i’s and the t’s.”
Sussberg said he hopes a plan will be presented as early as Wednesday. A lenders representative agreed that the sides are close, but noted that it’s “important to dot the i’s and cross the t’s.”
Cineworld filed for bankruptcy last fall in the U.S. District Court for the Southern District of Texas. Judge Marvin Isgur said today that he would stick to an April 20 date to discuss the plan and set May 26 as the confirmation date. The debtors would eventually take a 100% stake in the listed company, which last week called a meeting of struggling shareholders outside London, also on April 20, as required by UK securities laws.
The bankruptcy allowed Regal to close theaters and renegotiate leases with landlords. Sussberg, as at previous hearings, highlighted a recent string of hits at a recovering box office, but entered a slightly slower streak in May. He also cited reports that Apple will spend more than $1 billion annually on theatrical releases.
The hearing comes amid speculation about another theater deal after a report said Amazon may want to buy AMC Entertainment to boost AMC stock.
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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.
