Troubled cinema operator Cineworld is beginning a marketing process alongside its plans to restructure under a Chapter 11 bankruptcy.
In a stock exchange update, the company said it expects to start discussions with potential buyers this month and that any “value-maximising sale transaction” would run in parallel with its existing Chapter 11 plans.
“Cineworld has not initiated and does not intend to initiate a separate marketing process for the sale of any of its assets on an individual basis,” the company said. “Furthermore, any sale transaction for the group as a whole would not include the sale of Cineworld itself and would therefore not be subject to the rules of the Takeover Code.”
Cineworld denied media reports that it has been in discussions with rival AMC Entertainment Holdings over the sale of any individual assets. “Cineworld also understands that neither the ad hoc group of lenders under the group’s 2018 credit facility nor its advisers were party to discussions with AMC,” it added.
The company said talks with stakeholders over the Chapter 11 reorganisation remain ongoing.
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