Regal Parent Cineworld Expects Bids For Theaters Outside US/UK, Says Plan To Exit Chapter 11 Nearly Ready
deadline.comAn attorney for bankrupt movie theater chain Cineworld said today it has “several” interested parties eyeing its business in “rest of world” — meaning Europe outside the UK, and Israel — but nothing pending for the entire company, or, it seems for Regal in the U.S.
Final bids are due April 10, said Joshua Sussberg of Kirland Ellis. Two strategic suitors were potentially interested in the full company but the offers were too lowball to consider moving forward with.
Meanwhile, a comprehensive restructuring plan is close to being ready, he said, as Regal, its lenders and unsecured creditors are “dotting the i’s and crossing the t’s.” Sussberg said he hoped a plan might be filed as soon as tomorrow.
A rep for the lenders agreed the sides are close, but noted that these “are important i’s to dot and t’s to cross.” Cineworld filed for bankruptcy last fall in U.S.
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