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Cineworld Group, which owns Regal Cinemas, has announced it has scrapped plans to sell its franchises outside the US, UK and Ireland.
The company said last Tuesday that it received proposals from several bidders, including cinema chains in Eastern Europe and Israel, but the bids did not meet the value standards required by Cineworld’s creditors.
The world’s second-largest movie theater chain is in the midst of plans to emerge from bankruptcy after filing for Chapter 11 protection in September. Last week, Cineworld announced a reorganization plan designed to reduce the company’s debt by $4.53 billion.
Like many cinema operators, London-based Cineworld was hit hard by the pandemic-forced closure of theaters and then a slow return of audiences, as well as an initial lack of Hollywood productions on screen as lockdown measures eased. In the year The operating situation in 2023 has improved to some extent, helped by enthusiasts such as Loyal Blockbuster. Avatar: The Waterway, Super Mario Bros. Movie And John Wick: Chapter 4
Cineworld said it continues to expect to emerge from Chapter 11 protection in the first half of 2023.
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