Cineworld in Newport, Isle of Wight, is on a list of cinemas potentially at risk of closing down.
The company filed for bankruptcy in the United States in 2022 and last week announced that they’d received “non-binding proposals from a number of potential transaction counterparties for some or all of the Group’s business”.
However, none of these proposals involve an all-cash bid for the entire business, putting UK cinemas at risk of closure.
Future uncertain
As part of a company’s Chapter 11 update, Cineworld said,
“The Company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the Company’s equity interests.”
They added,
“Cineworld continues to operate its global business and cinemas as usual without interruption. Cineworld and its brands around the world – including Regal, Cinema City, Picture House and Planet – are continuing to welcome customers to cinemas as usual.
“The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.”
