RE: CALL OFF SALE :)30 Mar 2023 16:44
there is lots of good news to take away from that article, MET'' thanks for the shear''
Two buyers from the private equity world appeared over the weekend for those businesses: Elliott Management and CVC Capital Partners. Elliott had previously weighed a bid for the whole company.
Binding bids are due on April 5, at which point Cineworld and its creditors will either negotiate a stalking horse and conduct an auction or walk away.
The big picture: The theater industry is off to its best start since 2019, as it continues its upswing out of pandemic-era closures that battered Cineworld and its main competitor AMC.
Buoyed by strong performances from sequels to "Avatar," "Creed," "Scream" and "John Wick," the box office is pacing ahead of last year by 25% with more than $1.6 billion in ticket sales.
Both Cineworld and AMC are banking on the continued resurgence as studios release more movies on the big screen.
AMC, which has seen its stock price plummet 83% over the last 12 months, has been able to avoid Cineworld's fate mostly due to retail investors pouring in money as part of the "meme-stock" craze.
Be smart: Cineworld would still retain its status as the second-largest theater owner globally if it sold off its Eastern Europe and Israel theaters, which incorporate its Cinema City and Planet chains.
REGARDS