Cineworld gives update on future

Cinemas across the country are at risk after a major chain fell into administration.

Cineworld confirmed that they had been approached by a number of potential buyers interested in a takeover after filing for bankruptcy in the US last year.

But none of the buyers are reportedly willing to pay in cash for the whole business, leaving all 129 cinemas across the UK and Ireland at risk. They currently continue to operate as usual.

Cineworld did say it hopes to recover from bankruptcy protection before the middle of 2023.

It 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.”