Cineworld Group (CNNWF.US), the UK cinema operator, said on Tuesday that it had abandoned plans to sell its operations in eastern Europe and Israel, saying the offer it received did not meet the value needed by creditors, Zhitong Financial APP learned.
It is understood that last September, the world's second-largest cinema chain operator after AMC (AMC.US) placed most of its business under Chapter 11 bankruptcy protection of the US bankruptcy law.
The company's operations in Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel belong to its "other parts of the World (Rest of World)" business and are not protected from bankruptcy, accounting for approximately 13% of its total revenue in 2021.
Earlier this month, Cineworld cancelled plans to sell its US, UK and Irish operations after failing to find a buyer and submitted a restructuring plan to reduce about $4.53 billion in debt and raise $2.26 billion to get out of bankruptcy.