April 3 (Reuters) – Cineworld (CINE.L) has scrapped plans to sell its U.S., UK and Ireland businesses after failing to find a buyer, the cinema chain operator said on Monday, as it proposed a new debt restructuring plan.
The world’s second-largest cinema chain operator behind AMC Entertainment (AMC.N) placed the majority of the business under U.S. Chapter 11 bankruptcy protection in September.
Under a new tentative deal with lenders it said it aimed to reduce debt by about $4.53 billion, mainly through creditors getting equity in a reorganised group.
It had net debt of $8.81 billion including lease liabilities as of June 2022.
The plan also includes raising $2.26 billion to emerge from bankruptcy this year.
“This agreement with our lenders r…
Read the full article at: https://www.reuters.com/markets/deals/uks-cineworld-terminate-sale-process-us-uk-businesses-2023-04-03/