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US activist investment firm Elliott Management is planning to take over beleaguered cinema chain Cineworld Group PLC’s operations outside of the UK and the US, Sky News reported on Saturday. Citing ‘insiders’, Sky News said that Elliott has tabled a bid for the Brentford, London-based firm’s operations in eastern Europe and Israel. Elliott had also explored a bid for the whole of Cineworld, but its most recent proposal excludes its UK and US operations, Sky said. https://news.sky.com/story/elliott-premieres-blockbuster-bid-for-parts-of-ailing-cineworld-12842113 A month ago, Cineworld said it has received non-binding proposals from a number of counterparties for some or all of its businesses, but the debt-ridden business expects any deal with its creditors will wipe out its shareholders. ‘None of these proposals involves an all-cash bid for the entire business,’ the beleaguered cinema chain had confirmed. Back in September 2022, Cineworld confirmed it was beginning a Chapter 11 filing in US Bankruptcy Court in Texas, as it grappled with liquidity woes. It had first announced it was considering a Chapter 11 filing on August 22, and any deleveraging would likely result in a ‘very significant dilution’ of its shares. Shares in Cineworld had closed up 3.1% at 2.35 pence in London on Friday. The stock is down 93% over the past 12 months. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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