Cineworld updated the U.S. Bankruptcy Court on its search to find a buyer for its entire business. The keyword is entire, as more than 40 bidders have offered to buy parts of Cineworld’s massive theatrical network, but only a few of those have shown interest in a full acquisition, with no firm offers having been presented as of this time.
Interest from Europe’s largest exhibitor, Vue International, has subsided due to a large amount of capital required for such a purchase, perhaps as much as $6B. If no offer materializes by April 10th, which seems increasingly likely, Cineworld will be forced to begin a “equity debt” process that gives more control to creditors, with shareholders taking a back seat. The shape of a post-bankruptcy Cineworld will take shape over the next few months, with many still expecting the exhibition giant to liquidate its theatres, despite the company’s current unwillingness to entertain piecemeal offers.
