Cineworld pulls sale of East Europe, Israel businesses

UK cinema chain Cineworld has pulled the planned sale of its businesses in Eastern Europe and Israel, after the proposals it received did not meet the value needed by its lenders.

The move follows Cineworld’s decision earlier this month to scrap the planned sale of its US, UK and Ireland businesses after failing to find a buyer. It filed a reorganisation plan to cut debt by about $4.53bn raise $2.26bn in funds to emerge from bankruptcy

The company placed most of its business under US Chapter 11 bankruptcy protection in September and said it still expects to emerge from the Chapter 11 cases during the first half of 2023.

Reporting by Frank Prenesti for Sharecast.com