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Cineworld Exploring Strategic Sale Amidst Business Restructuring
In an evolving strategic review, Cineworld has initiated discussions centered around a potential sale, a move that could precipitate a comprehensive restructuring of its operations, according to information revealed by Sky News on Saturday. As per undisclosed sources, Cineworld has enlisted AlixPartners as a consultant, tasked with facilitating the possible disposal of its UK assets.
The sale process is expected to unfold over the course of several weeks, marking a significant step for the operator and owner of renowned brands including Regal, Cinema City, Picturehouse, and Planet. This move comes on the heels of Cineworld's emergence from Chapter 11 bankruptcy less than a year ago, following its 2022 filing in the United States aimed at debt restructuring.
However, selling its UK operations is not Cineworld's sole consideration. The company is also weighing other strategic alternatives, such as entering into a company voluntary arrangement (CVA). Such an arrangement could potentially jeopardize an undetermined number of its UK cinema venues, Sky News indicated.
Addressing the ongoing review, a spokesperson for Cineworld remarked, "Like many businesses, we are continually reviewing our UK operations." Despite multiple attempts, neither Cineworld nor AlixPartners could be reached for further comment.
