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Cineworld plots sale of some UK cinema operations, Sky News reports

In Technology
June 08, 2024

(Reuters) – Cineworld is in talks over a possible sale as part of a strategic review that could lead to a wholesale restructuring of its business, Sky News reported on Saturday, citing unidentified sources.

The operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet has lined up AlixPartners as a consultant to work on a potential disposal of its UK operations, the report said, adding that the sale process was expected to run for several weeks.

The company surfaced from Chapter 11 bankruptcy less than a year ago after filling for U.S. bankruptcy in 2022 to restructure debt.

It is also considering alternative options, including a company voluntary arrangement which could put an unspecified number of its UK cinemas at risk of closure, Sky said.

A spokesman for Cineworld told the news outlet: “Like many businesses, we are continually reviewing our UK operations.”

Cineworld and AlixPartners did not immediately respond to a Reuters request for comment.

(Reporting by Mrinmay Dey in Bengaluru)

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