Cineworlds share price slumped on Monday as it announced a multi-billion-dollar restructuring package in an effort to stave off bankruptcy.
At 2.1p per share the leisure chain was 28% lower in start-of-week trading.
Cineworld said it was looking to raise $2.26 billion of new funding after failing to sell its operations in North America and the British Isles. The business launched a marketing process to hive off assets earlier this year.
Asset Sales Fail To Launch
The company said that, after discussions with key stakeholders, it has determined that, absent an all-cash bid significantly in excess of the value established under the proposed restructuring, the marketing process as it relates to the groups business in the US, the UK and …
Read the full article at: https://www.forbes.com/sites/roystonwild/2023/04/03/cineworld-shares-sink-as-it-plots-23bn-restructuring-following-asset-sale-failure/