Regal parent Cineworld said it’s opted to pursue a sale of assets and the process “is well under way” with non-binding bids due Feb 16.
The company said in a bankruptcy filing that it’s reached out to 30 “potential transaction parties” including many competitors.
If the debtors (Cineworld and its affiliates) find one of more of the bids to be “a potential value maximizing proposition, a second phase of the process will commence with the solicitation of binding offers.” U.K.-based Cineworld filed for Chapter 11 in September in bankruptcy court in the Southern District of Texas.
It announced early this month that it had started a marketing process to find a strategic or financial buyer. A reorganization was also an option but the company said it hadn’t yet received a response to a restructuring proposal provided to the Ad Hoc Group on Dec.Read more on deadline.com