The company said the bids for the units did not meet its valuations.
Group, the owner of Regal Cinemas, has revealed that it has decided to scrap plans to sell its businesses outside the U.S., the U.K. and Ireland.
The company said on Tuesday that it had received proposals for the rest of the world business, which includes cinema chains in Eastern Europe and Israel, from a number of prospective bidders, but the bids did not meet the value level required by Cineworld’s lenders. The world’s second-largest movie theater chain is in the midst of a plan to emerge from bankruptcy after filing for Chapter 11 protection in September.
Like many cinema operators, London-based Cineworld was hit hard by pandemic-enforced closures of theaters, and then the slow return of audiences and the lack of Hollywood product to put on screen. The operating environment in 2023 has improved somewhat helped immeasurably by bona fide blockbusters such as
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