The troubled cinema chain Cineworld has said it will raise $2.3bn (1.8bn) in new funding as part of a plan to exit bankruptcy and that it will terminate efforts to sell its US, UK and Irish businesses.
The debt-ridden group, which runs about 750 sites globally, filed for bankruptcy protection in the US last year.
It has now said it will restructure its roughly $5bn-debt pile in order to emerge from Chapter 11 bankruptcy during the first half of 2023. The restructuring will involve lenders providing about $1.5bn in new credit, as well as $800m of equity to the lenders.
Earlier this year, Cineworld, which also owns the Picturehouse chain in the UK, launched a process to find a potential buyer.
However, after struggling to find an acceptable of…
Read the full article at: https://www.theguardian.com/business/2023/apr/03/cineworld-halts-plan-to-sell-us-uk-ireland-operations-debt-restructuring-bankruptcy