Hemel Hempstead cinema at risk as Cineworld seeks a new buyer
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In an update on Friday (February 24), Cineworld said although it has a number of potential buyers, none were willing to pay for the whole business – which is in debt of £5 billion
Cineworld said: "The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group’s business.
"The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company’s equity interests.”
The company stated it was business as usual for its cinemas, including the one in Jarman Park.
The statement from the firm continued: “As announced on September 7, 2022, during the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption. Cineworld and its brands around the world - including Regal, Cinema City, Picture House and Planet - are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.”
Cineworld filed for bankruptcy last year, following struggles following the pandemic.