Cineworld refrains from selling companies in Israel, Eastern Europe

Royal parent company Cineworld has decided to end the marketing process for its companies outside the US, UK and Ireland. Although offers were received from “a number of potential counterparties”, the proposals “did not meet the level of value required by the group’s backers”, the stock exchange giant said today. The so-called “rest of the world” companies include cinemas in Israel, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria and Romania.

Cineworld, which is due to file for bankruptcy in the first half of the year, recently decided it would stop looking for a buyer for its US, UK and Ireland stores unless it made a cash offer significantly more than the exceed estimated value. as part of the proposed restructuring. By eliminating the potential sale deals, Cineworld can achieve its goal of getting into Chapter 11 on an “accelerated timeline.”

The group filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas last fall. Earlier this month, it announced it had reached a conditional agreement with lenders to exit Chapter 11. It then filed a reorganization plan in a Texas court last week. Judge Marvin Isgur said he would stick to an April 20 date to discuss the plan and set May 26 as the confirmation date.

Cineworld announced today that it is moving forward with the proposed restructuring in the Chapter 11 cases. Among other things, certain creditor approvals must be obtained before the bankruptcy court can confirm the plan. A shareholders’ meeting will be held in London on April 20, as required by UK securities laws.

Meanwhile, and since the box office is taking a big bump from it The movie Super Mario BrosCineworld will continue its global operations and cinemas as usual without interruption, while maintaining the terms of all existing customer membership programs, including Regal Unlimited and Regal Crown Club in the US and Cineworld Unlimited in the UK.